Dogecoin Price Soars 3% as Institutional Investors Fuel Buy Spree

Dogecoin experienced a notable price surge of 3%, climbing from $0.23 to $0.24 within a 24-hour period, driven by substantial institutional buying activity. The rally came amidst accumulation of over 1 billion Dogecoin tokens worth approximately $200 million during recent trading sessions, signaling a shift towards meme coins as hedging tools among large investors. The price increase is attributed to increased institutional interest in cryptocurrencies, with analysts noting that this is not just short-term speculation but a strategic move driven by hedge and diversification needs amidst global economic uncertainties.