Dogecoin has doubled within the last 24 hours to hit record highs of $0.29.

The meme-based altcoin, recently a talking point of Tesla CEO Elon Musk, outperformed other major cryptocurrencies on Friday by order of magnitude, according to Cointelegraph Markets Pro and TradingView.

In addition, Dogecoin has become the eight-largest cryptocurrency by market capitalisation, overtaking Litecoin, Chainlink and Uniswap, amongst others, Cointelegraph reports.

A single DOGE traded around $0.25 at the time of writing. Gains compared to any time period hit 80% on the day, 300% over the last week and more than 5,000% on year-to-date returns.

In relation to the same time last year, Dogecoin is up 12,600%.

Crypto trader Scott Melker said on Twitter: "This is the first DOGE pump I have missed in years, but I still absolutely love to see it. Favorite asset of all time, changed my life in 2017. Happy for you guys who are in it, innit?" 

As has been with case with altcoins, broadly speaking, Doge’s change in fortune came at Bitcoin’s expense on the day. The world’s largest cryptocurrency by market cap saw a retest of past record highs of around $61,000.

Bitcoin’s market cap dominance was at 52.1% at the time of writing, a considerable decline over recent weeks as altcoins move towards a peak later in the year, according to certain crypto analysts.

Moreover, the ban on crypto transactions by Turkey’s central bank is said to have propelled the loss of upside momentum, which is being undertaken because of possible "irreparable" side-effects to the country's fiat payment network.

Reuters reports: "It is considered that their use in payments may cause non-recoverable losses for the parties to the transactions due to the above-listed factors and they include elements that may undermine the confidence in methods and instruments used currently in payments," according to a statement.