Dogecoin (DOGE) has once again taken the crypto world by storm, surging an impressive 25% in just two weeks. The meme-inspired cryptocurrency has become the top performer among the leading 100 cryptocurrencies, boasting a remarkable 11% surge and reaching 8.2 cents. Notably, DOGE has gained ground not only against Bitcoin but also Ethereum, further solidifying its position in the market.
The excitement surrounding Dogecoin has been fueled by recent developments, including Elon Musk’s announcement about rebranding Twitter to x.com. As Musk’s support for the meme-based coin is well-known, the crypto community is buzzing with anticipation, speculating about potential implications for DOGE.
Crypto ZX, a popular source for cryptocurrency insights, has analyzed Dogecoin’s price chart and observed a significant upside movement. Currently approaching a critical resistance level at around nine cents, breaking through this barrier could set DOGE’s next target at ten cents. The surge in trading volume further indicates heightened buying pressure, potentially driving the price even higher.
Moreover, Santiment, an on-chain data agency, has added to the optimism surrounding DOGE by revealing that the average DOGE trader, active in the past year, is now making a 2.4% gain and is in profit for the first time in 12 weeks. This positive trend indicates increased confidence in the coin’s potential.
Despite the excitement, the DOGE social dominance indicator has not yet reached the dangerous “FOMO zone,” suggesting that there is still room for further upward movement. This indicator, coupled with the growing interest in Dogecoin worldwide, points to the possibility of even more gains in the future.
Currently approaching a market capitalization of $11.5 billion and a 24-hour trading volume nearing $2 billion, Dogecoin’s momentum shows no signs of slowing down. The cryptocurrency community eagerly awaits the next moves from Elon Musk and the potential impact it may have on this beloved meme coin.
