Dogecoin races up as crypto market rallies
The OG meme coin has jumped over 5% in the last 24 hours.
The crypto markets are gaining Monday morning with dogecoin, the longest-standing meme coin in the crypto space, leading the pack.
Dogecoin has increased more than 5% in the last 24 hours to trade at $0.16. With a market capitalization of about $24 billion, the meme coin is the eighth-largest cryptocurrency by that measure.
Meanwhile, bitcoin and cardano have each risen 4.5% in the same period, while ethereum, XRP, and solana have seen smaller gains.
“Dogecoin is no longer just a meme — it’s become the meme coin,” Suki Yang, the founder of meme coin platform LMAO, told Sherwood News. “What we’re seeing is a consolidation of retail-facing meme liquidity into culturally iconic assets. For most non-crypto-native participants, dogecoin is the first and sometimes only meme token they recognize and trust.”
Yang, who is a former data scientist at early-stage venture firm Electric Capital, argued that the meta surrounding meme coins is maturing, propelling the token to become the “bitcoin of memes — a store of cultural value.”
Dogecoin’s recent performance highlights the importance of attention in the broader crypto markets. Yang said, “Meme coins expose crypto’s core truth: being useful isn’t enough — you have to be wanted. Attention is upstream of liquidity.”
Dogecoin’s rally comes as crypto-focused asset managers 21Shares, Bitwise, and Grayscale have taken steps in US markets to roll out spot dogecoin ETFs.
Eric Balchunas, senior ETF analyst at Bloomberg, wrote Monday morning on X, “There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list… Gonna be a wild year.”
Users of prediction markets platform Polymarket, which is popular for speculative bets on real-world events, are placing a 19% probability that the Securities and Exchange Commission approves any dogecoin ETF by July 31 and a 50% chance a dogecoin ETF will come in 2025.
Meanwhile, a report from Kaiko Research last week gave XRP ETFs the edge on being the next crypto ETF to win SEC approval.
Sage D. Young is a crypto journalist who’s written for CoinDesk and Unchained.
