The value of Dogecoin has risen to its highest level since December 2021 due to positive investor outlook. Latest data from CoinMarketCap shows that DOGE surged by over 16% in the past day to reach $0.2175, marking a level not seen in more than two years during the bull market of 2021.

Market analysis reveals that DOGE trading volume spiked to $6.16 billion in the last 24 hours, up from an average of $3 billion earlier in the week. This increase occurred despite overall cryptocurrency trading volumes being relatively low with slight volatility.

In sync with Bitcoin stabilizing above $70,000, Dogecoin experienced an upsurge, particularly in response to payment-related developments involving Elon Musk-owned companies like X and Tesla. Speculation within the Dogecoin community suggests possible token usage on the social platform X, which likely enhanced trading interest.

Furthermore, Dogecoin developers indicated that Elon Musk previously mentioned X being close to obtaining a money transmitter license in California.

In the wake of DOGE's surge, other meme tokens have seen significant growth, with Bonk (BONK) and Floki (FLOKI) being among the top gainers, increasing by 15% and 13.7% in the past 24 hours, respectively.

With the meme coin Dogwifhat (WIF) skyrocketing by around 4,000% since its inception, interest in speculative token trading on Solana has risen. Financial applications on the Solana network have exceeded those on Ethereum, likely driven by the excitement surrounding meme coins. The proliferation of new tokens on the Solana blockchain, many of which being inflated by speculators, has contributed to this trend.