Dogecoin(DOGE) has unexpectedly rallied, surging 8.9% over the past 24 hours to $0.08 per coin.
The sharp rise marks the cryptocurrency’s highest price level since April, signaling a clear recovery in its market performance.
According to data from popular cryptocurrency market aggregator CoinGecko, the remarkable surge in Dogecoin coincided with a sharp rise in transaction volume, with more than $1.7 billion worth of Dogecoin changing hands.
Further market data from CoinMarketCap shows that Dogecoin’s market capitalization is currently around $11.4 billion.
That puts Dogecoin in prominence among other cryptocurrencies, which recorded the highest weekly gains among cryptocurrencies tracked on the platform.
Dogecoin has surged 18.9 percent over the past seven days, cementing its place in the volatile digital currency market.
One underlying factor behind this increase was the activity of Tesla CEO Elon Musk, a well-known supporter of the cryptocurrency, who retweeted Dogecoin-related content earlier in the day.
DogeDesigner is the user interface/user experience (UI/UX) graphic designer for My Doge Wallet, a platform closely related to cryptocurrencies. Dogecoin saw a noticeable jump in price following Musk’s social media activity.