According to Binance data tracked by TradingView, Memecoin Dogecoin saw its biggest single-day gain in four months, up 10% on Tuesday. This significant price increase was the highest percentage gain since April 3rd.
Rise in Dogecoin Attracts Investors' Attention
Over the past two weeks, DOGE has made a notable 25% gain, driven by speculation surrounding its potential to be adopted as a payment mechanism on the rebranded Twitter platform.
The cryptocurrency's recent rally has caught the attention of investors, who see it as a remarkable performance amid the relative recession in the crypto market.
Markus Thielen, head of research and strategy at Matrixport, highlighted Dogecoin's potential to be the rising coin of the summer, given that other cryptocurrencies are currently in the background.
He attributed the surge in interest to Elon Musk's marketing tour aimed at reinventing Twitter.
The rise in DOGE's popularity is also reflected in the perpetual futures market. Notably, the dollar value locked in active perpetual futures contracts, known as open interest, crossed the $500 million mark for the first time since April 19, doubling in just two weeks.
Dogecoin open interest reached 6.2 billion DOGE, close to the 6.43 billion DOGE peak seen on April 8.
On the other hand, an analyst believes that Musk will experience a rising wave on DOGE, just like in the past. Details are here:
*Not investment advice.
