Dogecoin (DOGE) is back in the spotlight after a 20% price surge in the past 24 hours.
The sudden price jump has caught the crypto community’s attention, with many investors scrambling to figure out what’s behind the rally.
But while Dogecoin enjoys its moment in the sun, some speculators are already looking ahead to the upcoming launch of Dogecoin20 (DOGE20), a new token that bills itself as a “Doge upgrade.”
Dogecoin’s 20% Surge Captures Investors’ Attention
Dogecoin’s abrupt surge has been nothing short of impressive.
The meme coin is now trading at around $0.22, a whopping 20% increase from just 24 hours ago.
This marks Dogecoin’s highest value since December 2021, a sign that it is starting to regain some of its former glory.
If DOGE manages to sustain these gains, it will likely notch three consecutive green daily candles – a feat that will surely leave holders buzzing.
What’s more, the coin now trades above all major exponential moving averages (EMAs), which is considered a highly bullish signal.
Spot trading volumes for DOGE have also exploded, surging 68% to $6.2 billion.
This volume surge is enough to make DOGE the 6th most traded cryptocurrency in the world right now.
And if this upward trajectory continues, Dogecoin could soon be looking to flip USDC as the 7th largest crypto by market cap.
DOGE Rally Fueled by X Rumors & Rising Open Interest
So, what’s fueling this sudden Dogecoin surge?
Rumors have been swirling that DOGE could soon be integrated as a payment method on X (formerly Twitter).
The speculation has reached a fever pitch, with many investors betting on the potential for widespread adoption of the meme coin on the popular social media platform.
Investors’ heightened interest in DOGE is also reflected in the surging exchange open interest, which has rocketed to $1.7 billion today.
That’s a new all-time high – surpassing the previous record of $1.6 billion earlier this month.
This spike in open interest implies traders are piling into DOGE derivatives like never before, eager to capitalize on the coin’s newfound momentum.
While it’s always difficult to pinpoint the exact catalyst behind a coin’s rally, the buzz around potential X integration and the growth in open interest are two factors that can’t be ignored in Dogecoin’s case.
Should these trends continue, there’s no telling how high DOGE can rally.
Presale Mania for DOGE20 Ahead of “Doge Day” Uniswap Listing
Meme coin investors are also closely monitoring another promising project – Dogecoin20.
Touting itself as an “upgrade” to the original DOGE, Dogecoin20 is generating plenty of buzz ahead of its highly anticipated launch.
One key feature that has investors excited is DOGE20’s high staking yields, which are projected at 87% per year.
And the excitement is real, with over 32.1 billion DOGE20 tokens already staked by presale buyers eager to lock in those yields.
In regards to the presale, Dogecoin20 smashed through its $10 million hard cap earlier this week, demonstrating that the appetite for this next-gen meme coin is elevated.
However, investors have one final chance to snag some DOGE20 tokens at the discounted price of $0.0022 before they hit exchanges.
These exchange listings are set for none other than “Doge Day” on April 20.
On this day, DOGE20 will be launched on the Uniswap DEX, with 10% of the total supply (14 billion tokens) reserved for liquidity.
Early backers are now looking forward to this listing – and excitement has only intensified after Dogecoin20 rocketed to the 5th spot on CoinSniper.net’s rankings.
So, while Dogecoin grabs all the headlines, Dogecoin20 could be primed as the next big thing in the world of meme coins.
