Dogecoin (DOGE) has continued its bullish price action for the second straight day, with the leading meme coin jumping to a new monthly high of $0.08022 today.
Dogecoin was trading at around $0.077614 a piece at press time, up 16.7% over the past 24 hours. Trading volumes also spiked by 196% over the same period.
The move higher comes after Dogecoin fell sharply from its all-time high of $0.0855 on May 8th, with the coin tumbling as low as $0.058 within two days. Since then, however, Dogecoin has been on a tear higher, with the coin now up more than 38% from those lows.
On a weekly note, DOGE has gained more than 31%, the largest weekly gainer among the top 20 cryptocurrencies by market capitalization. The meme coin is now up more than 515% since the beginning of the year.
Dogecoin, the tenth-largest cryptocurrency with a market capitalization of $10.5 billion, is less than a billion dollars away from surpassing Solana (SOL).
Thanks Elon
The main reason behind Dogecoin’s bullish price action is likely Elon Musk’s recent announcements about his Twitter acquisition.
Tesla’s Chief has been a big-time backer of Dogecoin, leading to increased enthusiasm among investors.
Besides the Musk factor, on-chain metrics also show strong positive growth for Dogecoin.
