Dogecoin Surges 6% Outpacing Bitcoin's 4% Gain

Bitcoin recently achieved a new all-time high price, surpassing $109,000. However, the meme coin Dogecoin, or DOGE, has seen even more significant gains over the same period. Dogecoin, which is the eighth-largest cryptocurrency by market capitalization, was trading at just over $0.23, marking a 6% increase over the past 24 hours. This surge in Dogecoin's value outpaced Bitcoin's 4% rise, making it the top performer among the top 20 digital coins and tokens.

Bitcoin's price reached $109,500, as reported by CoinGecko, and briefly exceeded $109,700 on the crypto exchange Coinbase. This new high comes just a day after the SEC postponed a decision on a Dogecoin-based exchange-traded fund proposed by Grayscale, a crypto asset manager. Despite this delay, Dogecoin's price has risen nearly 44% over the past 30 days, indicating strong investor interest in the altcoin.

Grayscale's Head of Research, Zach Pandl, noted that the altcoin market is currently trading at a discount due to the shifting regulatory landscape for cryptocurrencies in the U.S. He suggested that DeFi protocols supporting stablecoins and tokenized assets are likely to benefit the most from these changes. Dogecoin, created in 2013 as a joke to poke fun at Bitcoin investors, has since gained popularity, especially after endorsements from Elon Musk, the world's richest man and CEO of Tesla. Musk's support on X (formerly Twitter) has driven mainstream interest and investment in Dogecoin.

Other meme coins have also seen substantial gains. President Trump's Official Trump token rose by more than 10%, while Fartcoin increased by nearly 12% over a 24-hour period. Solana-based Dogwifhat (WIF) was the top gainer in the top 100, with an 18% increase. Despite these gains, Dogecoin is still 68% below its 2021 all-time high of $0.73, with its closest approach in recent months being $0.48 in December.