- Dogecoin climbed 9% in a single day, pushing its weekly gain to 27% and reaching its highest price in two months.
- Bitcoin’s return above $100,000 and Ethereum’s 32% weekly surge contributed to broader cryptocurrency market optimism.
- Total crypto market liquidations exceeded $1.1 billion on Friday, with Ethereum leading the losses among short traders.
Dogecoin rose sharply early Saturday, delivering a 9% daily increase as it nearly touched $0.23—its highest price since early March—according to data from CoinGecko. This jump marks a 27% gain in the past week for the cryptocurrency, alongside an upswing across major digital assets.
With market enthusiasm on the rise, open interest in Dogecoin futures escalated to $2.52 billion, the highest since mid-February, based on CoinGlass figures. Open interest is the total value of futures contracts that have not yet been settled.
Dogecoin’s performance trailed only Ethereum among leading cryptocurrencies, with Ethereum gaining 32% this week. “ETH sits at $2,409 as of this writing,” Decrypt noted, attributing the rally to Ethereum’s successful Pectra upgrade along with overall positive market trends. Bitcoin also made headlines, trading above $100,000 earlier in the week and reaching $103,700 on Friday, which is just 5% below its record high of $108,786 set in January.
Market-wide, digital currencies experienced significant volatility, prompting liquidations totaling over $1.1 billion by Friday morning. Ethereum accounted for the largest portion of these losses, particularly affecting traders betting against rising prices.
Although Dogecoin’s recent increase is notable, it still trades well below its record peak of $0.73 reached in 2021. Its current open interest also remains lower than the $5.5 billion high seen in January, after having dropped to $1.3 billion in recent weeks amid earlier price declines. Other meme coins, such as Moo Deng (MOODENG) and Peanut the Squirrel (PNUT), have also seen sizable gains, with MOODENG nearly tripling in value this week, according to Decrypt.
As reported, the market’s recent upturn has delivered strong returns for several cryptocurrencies, while heightened activity continues to move prices and trading positions across the sector.
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