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Dogecoin DOGE/USD , the cryptocurrency inspired by a viral meme, has outperformed other major cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD with an 8% price increase over the last 24 hours.
What Happened: Data from LunarCrush Pro reveals a massive rise in the social dominance score of Dogecoin, which has spiked by 1800% in a single day.
Bitcoin and Ethereum have each seen their values increase by 4-6% over the past 24 hours.
The surge in DOGE comes with a special occasion for the Dogecoin community, as shared by the MyDoge wallet on the X platform. They commemorated the 14th anniversary of the Shiba Inu dog Kabosuthe face of the Dogecoin memewhose pictures were first shared online by owner Atsuko Sato.
Dogecoin was created by software developers Billy Markus and Jackson Palmer as a joke. Markus launched the coin after merely a few hours of coding.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: The rise in DOGE also comes as speculation triggered last month by the profile @xpayments on the social app X, about the potential adoption of Dogecoin for payments on X.
While no formal statement has been made about Dogecoin being integrated as a payment method on par with Bitcoin or Ethereum, conversations about the possibility have been circulating, fueled by Musks past suggestions on Twitter about the potential for Dogecoin as a payment option for Twitter Blue. Additionally, Musks Tesla already enables the purchase of merchandise using Dogecoin through the Tesla Store.
Price Action: At the time of writing, DOGE was trading at $0.087, up 8% over the past 24 hours, as reported by Benzinga Pro.
Photo via Shutterstock
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