Every Dog Coin Has Its Day: Dogecoin Hits Highest Price Since 2022 Amid Bitcoin Bull Run

Bitcoin may be on a tear right now, but among the top cryptocurrencies and tokens right now, there's an even bigger winner: Dogecoin.

Dogecoin (DOGE) is up about 14% in the past day, trading now for $0.11, according to CoinGecko. That makes it the biggest gainer over the past 24 hours out of the largest digital assets. The price nearly hit $0.12 on Wednesday, flying the highest it's been since November 2022.

DOGE is the 10th largest cryptocurrency, with a market cap of $15.7 billion. On Tuesday, it sat in 11th place behind Avalanche (AVAX) but has since jumped up a spot as meme coin mania grips traders.

The price of Bitcoin (BTC) is surging, bringing most of the market with it. DOGE is no exception, and as one of the biggest and most well-known cryptocurrencies, it has made impressive gains. In the past week, it is also one of the biggest winners: it has jumped by 33%.

DOGE

+0.05%$0.1693

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DOGE is a meme coin, a cryptocurrency based on an Internet joke or popular culture. It the biggest and original meme coin, having originally been created as a joke to poke fun at Bitcoin.

But it grew in popularity—and price—after Tesla CEO and the world's richest man, Elon Musk, pumped the asset on Twitter (now known as X). At one point, during the bull run of 2021, it had a bigger market cap of many companies on the S&P 500.

Elon Musk, Tesla and SpaceX Hit With $258 Billion Dogecoin Lawsuit

Elon Musk and two of his companies, Tesla and SpaceX, are facing a $258 billion lawsuit, according to Thursday reports. Bloomberg today reported that an American citizen is suing the world’s richest man for allegedly pumping Dogecoin. The lawsuit alleges that Musk was part of a racketeering scheme to back the cryptocurrency. “Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” Keith Johnson, who filed the lawsuit, said in the complain...

Musk has since hinted that it might be used to make payments on Twitter. DOGE developers exclusively told Decrypt in 2021 that they were briefly working with Musk on improving the cryptocurrency so that it could be accepted widely for payments.

Bitcoin itself surged to a price above $63,000 on Wednesday morning, but then quickly experienced a flash crash that plunged the price back down near $60,000. It's recovering gains as of this writing, currently sitting at a price of about $61,160.

Edited by Andrew Hayward