Dogecoin (DOGE) returned to the spotlight after surging 18% on Thursday, climbing to $0.22 per coin. According to the source material, this marked the first time the leading meme token had reached that level since 2021.
The rally was not limited to a single session. Over the previous seven days, DOGE gained 43.3% against the U.S. dollar. The move was accompanied by heavy market activity, with $6.9 billion in 24-hour trading volume and a total market capitalization rising above $31.4 billion. That advance also pushed Dogecoin into the position of the eighth-largest cryptocurrency by market value.
Short Liquidations Add to Market Momentum
The sharp move higher also triggered significant pain for bearish traders. In the last 24 hours, roughly $18.76 million in Dogecoin short positions were liquidated. This suggests that part of the rally was reinforced by traders being forced to close losing bets as the price accelerated upward.
The most active DOGE trading pairs during the session were USDT, FDUSD, USD, KRW, and BTC. Notably, the South Korean won accounted for 12.12% of all Dogecoin transactions, highlighting the importance of Korean exchanges in the move. On platforms such as Upbit and Bithumb, DOGE traded at $0.2323.
Meme Coin Interest Reignites
Dogecoin’s return to these price levels underscores both its staying power in the crypto market and the renewed investor appetite for meme tokens. As one of the sector’s most recognizable assets, DOGE’s break back above $0.22 is being read as another sign of strong speculative interest and improving market sentiment around meme-related cryptocurrencies.