Dogecoin Surges on Bitcoin Rally, but Analysts Cautious About Meme Coin Demand

Dogecoin surged nearly 15% in 24 hours, making it the top gainer among the 100 largest cryptocurrencies by market cap. The token's price jumped to around $0.102 during the session, bringing its monthly decline down to roughly 6%. This increase comes on the heels of a broader crypto market recovery, with Bitcoin leading the charge and rising approximately 7.7% to reach $73,961.

Ethereum also posted a significant gain, increasing by 10% over the same period and trading at $2,183. The overall meme coin category gained around 5% on average during the day. Other popular meme tokens such as PEPE (8.8% gain) and BONK (7.5% gain) also saw increases.

However, not all meme coins fared well. Fartcoin jumped nearly 12% to $0.18, but still remains about 93% below its all-time high of $2.48 set in January 2025. The TRUMP meme coin rose just 1.2% to $3.46 and is over 95% below its own record.

Danny Nelson, a research analyst at Bitwise, attributed Dogecoin's move on Wednesday to Bitcoin's rally, stating that it 'thrives on the attention economy' and needs to grow its audience to increase in value.