Leading meme-inspired cryptocurrency Dogecoin ($DOGE), has defied expectations and posted impressive gains in recent days, even as the broader cryptocurrency market fixates on Bitcoin’s record-breaking run.

At the time of writing, DOGE sits at $0.129, a 53% jump in the past week, making it the top gainer among major cryptocurrencies by market capitalization, even outperforming Bitcoin, Ethereum, and Solana as its price hit its highest level since November 2022.

The rise has seen Dogecoin become the ninth-largest cryptocurrency by market capitalization, with a market cap of $18.5 billion. The rally coincides with a wider trend of renewed interest in meme coins like Pepe (PEPE), Bonk (BONK), and Dogwifhat (WIF) amid a wider cryptocurrency market rally.

Source: CryptoCompare

The price of the meme-inspired cryptocurrency surged in November 2022 when Musk noted that the platform would be supporting payments, fueled by speculation the cryptocurrency – which Musk has said “might be my fav cryptocurrency” – could be a part of the payments system integrated into the platform.

Data shows that the amount of open interest on DOGE futures contracts – meaning the amount of unsettled contracts – has increased over 54% over the past day to hit a new record of over $1 billion. Notably most traders are longing the cryptocurrency, expecting it to keep on surging.

DOGE has historically seen significant rallies over short periods of time. Back in 2021,  search interest for Dogecoin exploded during the cryptocurrency’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.

Featured image via Unsplash.