Dogecoin Surges 27% as Bitcoin Price Nears Record

Dogecoin Surges 27% As Bitcoin Approaches Record Price

11 May 2025 at 11: 05

Reading time: 2 minutes

Dogecoin hit its highest price in months this morning, nearing $0,23, as the broader crypto market recovers. At the same time, Bitcoin just a few percentage points below its own all-time high. Over the past week, Dogecoin has surged by as much as 27%, bringing its current price to $0,225, including a 9% increase over the past 24 hours. The price level we saw today is the highest since March 2, according to data from CoinGecko.

Notably, Dogecoin open interest has also reached its highest level since mid-February, reaching a whopping $2,52 billion. This open interest represents the total value of untraded futures contracts.

Of course, these numbers are still far off previous highs: Dogecoin peaked at $0,73 in 2021 and recently only reached $0,48 in December. Open interest peaked at $5,5 billion this January but dropped to $1,3 billion in recent weeks as the price came under pressure.

Additionally, Decrypt reports that Dogecoin isn’t the only meme coin making waves this week. Other popular meme coins like Moo Deng (MOODENG) and Peanut the Squirrel (PNUT) are also seeing spectacular gains, with MOODENG up nearly three times this week.

Among the major cryptocurrencies, Dogecoin is the second biggest gainer this week, just behind Ethereum, which rose a whopping 32% thanks to the successful upgrade of the Pectra network and market fluctuations. Ethereum is now at $2.409.

Bitcoin continues to be the center of attention, having reclaimed $100.000 this week and peaking at nearly $104.000 on Friday. At the time of writing, Bitcoin’s price is trading at $103.700, just 5% below its all-time high of $108.786, which was reached on President Inauguration Day Trump in January.

With this growth spurt in the crypto market, daily liquidations have surpassed $1,1 billion, with Ethereum taking the biggest share of the pain for short traders. It seems like the crypto market is literally “coming back to life,” and not just because Dogecoin has risen so much in price.

Frequently Asked Questions

Why Did Dogecoin's Price Surge So Much This Week?
Dogecoin is benefiting from the broader crypto market recovery and rising open interest, indicating growing investor confidence.

What does open interest mean in the context of Dogecoin?
Open interest is the total value of futures contracts that have not yet been traded. An increase in this can indicate increased interest and activity in the market.

How does Dogecoin's price compare to its previous highs?
Although Dogecoin has seen a strong rally recently, its current price is still well below its 0,73 peak of $2021.

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