Dogecoin Surges 10% as Memecoin Sector Sees Growth
Dogecoin has seen a significant surge in price, rising by 10% over the last 24 hours. This growth is part of a broader trend among OG memecoins, with Pepe and Shiba Inu also experiencing double-digit gains.
The increased trading volume has been particularly notable for Dogecoin, which saw its daily token trading volume jump by 3.5x to around $1.28 billion. This is a significant increase from the previous week's trading volume.
The growth in Dogecoin's price can be attributed to a combination of factors. One key driver was the U.S Treasury doubling its long-term bond buyback, injecting liquidity into the market and weakening the US dollar pegs. As a result, Dogecoin rallied higher.
Additionally, DOGE has been gaining real-world adoption, with access to the Paxos network used by PayPal and Venmo. This could provide more exposure to payment infrastructure already connected to these platforms.