In the latest cryptocurrency market update, Dogecoin (CRYPTO: DOGE) has seen a significant surge, nearly touching $0.23, its highest price in months. Concurrently, Bitcoin (CRYPTO: BTC) is inching closer to its all-time high.

What Happened: Over the past week, Dogecoin has experienced a nearly 27% increase, reaching a current price of $0.225. This includes a 9% rise in the last 24 hours alone. According to CoinGecko data, this is the highest peak for Dogecoin since March 2.

Along with the price surge, open interest on Dogecoin has also escalated to its highest level since mid-February, as per CoinGlass. The current open interest stands at $2.52 billion, representing the total value of futures contracts yet to be settled.

Despite these increases, the figures are still notably below their respective peaks. Dogecoin hit its highest at $0.73 in 2021 and has not approached that level since, peaking only as high as $0.48 in recent months. DOGE open interest reached a high of $5.5 billion in January, but fell to as low as $1.3 billion due to a recent price dip.

As per reports, Dogecoin is not the only meme coin to witness substantial gains this week. Other meme coins like Moo Deng (MOODENG) and Peanut the Squirrel (PNUT) have seen even larger increases, with MOODENG nearly tripling in price this week.

Also Read: Unprecedented 400% Surge in Dogecoin Network Activity: A Bullish Move?

Bitcoin remains a key focus for traders, with the leading cryptocurrency by market cap reclaiming a $100,000 price earlier this week and nearly touching $104,000 on Friday. Currently, Bitcoin is priced at $103,518--down just 5% from its all-time high of $108,786 set back in January on President Donald Trump‘s inauguration day.

Due to the market upswing, daily crypto market liquidations topped $1.1 billion as of Friday morning, with Ethereum responsible for most of the damage--and short traders feeling the most pain.

Why It Matters: The recent surge in Dogecoin and other meme coins highlights the volatile nature of the cryptocurrency market. Despite the significant gains, these coins are still far from their respective peaks, indicating the potential for further growth or decline.

The rise in open interest suggests increased trading activity and investor interest in these coins. The overall market sentiment, driven by factors such as network upgrades and political events, continues to influence the price movements of these cryptocurrencies.

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