Popular meme coin Dogecoin (DOGE), rose nearly 10% over the past day.
DOGE is currently trading at $0.077, per CoinMarketCap.
The tenth-largest cryptocurrency with a market capitalization of $10.2 billion, is now well ahead of Polkadot (DOT).
There has been a sharp rise in the coin’s trading volume across major cryptocurrency exchanges too. The cryptocurrency’s trading volume hovers around $1.1 billion over the past 24 hours, up 148% from the previous trading day.
Yet, DOGE is still down 89% from its all-time high of $0.73 recorded in May 2021.
The primary reasons behind today’s bullish action include increased larger-valued transactions, reduced miner reserves, and steadily increasing long-term holders.
Also, the total miner reserve is at 6.16 billion DOGE, a figure down 32% year-to-date to levels last seen in December 2013.
Miner reserve is a metric that refers to the total coins held in miner-affiliated wallets which haven’t been sold yet.
Meanwhile, the largest cryptocurrency on the market, Bitcoin (BTC), is down 0.47% over the past 24 hours and currently trades at around $21,347.
Ethereum (ETH) is up 1.16% over the past 24 hours and currently changing hands at $1,227.