Bitcoin may have just hit a new all-time high, but O.G. meme coin Dogecoin—or DOGE—is making even bigger gains.

The Elon Musk favorite and eighth-biggest cryptocurrency by market cap was recently trading a little over $0.23, a 6% jump over the last 24 hours, according to CoinGecko data.

Of the top 20 digital coins and tokens, Dogecoin is up the most, with its daily gain outpacing Bitcoin's 4% rise at present. Bitcoin is currently sitting at $109,500 at CoinGecko, the highest price ever recorded by the price tracker. Crypto exchange Coinbase shows that BTC rose above $109,700 not long ago.

The coin's pump comes just one day after the SEC decided to delay making a decision on a DOGE-based exchange-traded fund, a proposal filed by crypto asset manager Grayscale.

Still, investors are hungry for the altcoin—its price over a 30-day period has risen by nearly 44%. Grayscale's Head of Research Zach Pandl told Decrypt that while there was no clear explainer for DOGE gains, the altcoin market is currently trading at a discount.

“Many altcoins are undervalued in light of the dramatic shift in the U.S. regulatory landscape for crypto,” he said. “DeFi protocols that support stablecoins and tokenized assets stand to benefit the most, in our view.”

Dogecoin is the biggest and oldest meme coin—a cryptocurrency typically based on an internet meme or joke. Its creators launched the coin back in 2013 to poke fun at Bitcoin investors, but it took off and became popular among crypto fans.

Then, the world's richest man and Tesla boss Elon Musk started talking about the asset on X (formerly Twitter), and its market cap rocketed as mainstream users started buying in.

Other meme coins followed—and on Wednesday were up significantly: President Trump's Official Trump jumped by more than 10%, while Fartcoin has soared by nearly 12% over a 24-hour period. Solana-based Dogwifhat (WIF) is the biggest gainer in the top 100 over the past day, up 18% as of this writing.

Dogecoin has a long way to go until it breaks a new record, though: the altcoin is still 68% below its 2021 all-time high price of $0.73. The closest it's gotten in recent months is $0.48 back in December.

Edited by Andrew Hayward