Amid a wave of bullish investor sentiment, the price of Dogecoin (DOGE) has surged to its highest level since December 2021, showcasing a remarkable ascent of over 16% in the past 24 hours, reaching $0.2175, as per data from CoinMarketCap. Such robust dynamics haven't been witnessed in over two years, harking back to the bullish fervor of the 2021 bull market.

During this surge, DOGE's trading volume has notably swelled to $6.16 billion over the past 24 hours, a significant uptick from the average of $3 billion observed earlier in the week, even amidst a relatively subdued broader cryptocurrency market marked by slight volatility.

The resurgence of DOGE closely followed Bitcoin (BTC) stabilizing above the $70,000 mark. Furthermore, Dogecoin has a history of responding positively to payment-related developments in companies associated with Elon Musk, such as X or Tesla. Speculation within the Dogecoin community on X about potential utilization of the token on the social platform has likely heightened trading interest.

Moreover, earlier this month, Musk hinted at X being on the verge of acquiring a money transmitter license in California, further fueling optimism surrounding Dogecoin.

In tandem with DOGE's rally, other meme tokens have also experienced substantial growth, with Bonk (BONK) and Floki (FLOKI) emerging as the top three gainers over the past 24 hours, with increases of 15% and 13.7%, respectively.

Meanwhile, the Dogwifhat (WIF) meme coin has witnessed an astronomical surge of approximately 4,000% since its inception in December 2023, indicative of the increasing participation of market players in speculative token trading on the Solana blockchain.

Financial applications operating on the Solana network have notably outpaced their counterparts in the Ethereum ecosystem in terms of turnover. This surge can be attributed to the hype surrounding meme coins, with thousands of new tokens being launched on the Solana blockchain daily, some of which have seen their prices inflated multiple times by speculators.