Dogecoin (DOGE) price rallied above 20 cents for the first time in more than two years, thus indicating strong conviction from investors on dog-themed meme coins.
Dogecoin’s daily trading volumes surged by a staggering 50% to $3.17 billion as DOGE price clocks nearly 50% gains over the past week.
Dogecoin has one of the most dedicated communities in the industry and riding on the backing from Elon Musk, chances are that the coin will experience extreme volatility in the coming year.
Following the crypto market sell-off that has been sustained in the past two months, the Doge price is down approximately 88.4 percent from its ATH.
Dogecoin price benefited largely from the Elon Musk Twitter takeover, as the billionaire now looks to take company private.
The decision to register the trademarks is just another step of the non-profit organization to increase advocacy for the meme coin.
A major setback for the Dogecoin network is the fact that it cannot support Dapps, which have significantly fueled the DeFi bull run.
The research points that around 12 Doge addresses account for approximately 68% of the total circulating supply.
Dogecoin market cap has overtaken that of well-established companies like Barclays, Credit Agricole and ING despite the 15% pullback.
Elon Musk said that too much concentration of DOGE coins in the hands of big players is a matter of concern and thus he wants big holders to sell their coins.