Dogecoin price breaks through $0.2, market value approaches $30 billion

As reported by CryptoPotato, Dogecoin (DOGE) price has increased by more than 30% in the past week, surpassing $0.20 for the first time since December 2021. DOGE has a market capitalization of nearly $30 billion, making it the ninth-largest cryptocurrency by market capitalization. According to data from IntoTheBlock, DOGE’s daily trading volume (each transaction is greater than $100,000) has recently increased by nearly 100%, and daily active addresses have also increased by 13%. Data from CoinGecko shows that DOGE’s trading volume reached $5.5 billion in the past 24 hours, surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion). The rise in Dogecoin this time is related to the slight recovery of the cryptocurrency market and the activity of large investors. Recently, a mysterious person or entity transferred over 1 billion DOGE (worth over $200 million at current exchange rates) to an unknown wallet. The move sparked speculation in the crypto community, with many members trying to guess who the big player might be. Some speculation even points to Tesla CEO Elon Musk, who is a supporter and holder of this meme coin. Not long ago, the world's richest man said that the electric car giant might accept DOGE as a payment method at some point. Musk also pledged continued support for the coin and said “Dogecoin is on the moon.”