Dogecoin market cap hits $18 billion following 94% surge

Dogecoin has experienced a significant surge, extending its two-day gains to as much as 94%. This rally has pushed the meme-based cryptocurrency's total market value to approximately $18 billion, supported by a circulating supply of 129.2 billion coins.

In the derivatives market, Dogecoin recorded the largest 24-hour increase in open interest among five major crypto assets, with open interest rising 5.68% to $241 million. Trading data indicates that long accounts represent 69.2% of the total for Dogecoin, reflecting a reversal from previous declines in perpetual-futures open interest.

The movement occurs amid a broader cryptocurrency rally. Bitcoin has reached record highs above $64,000, while Ethereum, Litecoin, and XRP have also seen significant upward movement. This market activity coincides with anticipation surrounding Coinbase's direct listing.