Dogecoin (DOGE), the oldest meme coin backed by tech billionaire Elon Musk and secured through the legendary proof-of-work (PoW) consensus method, has signaled a possible playout of the 2021 bull run. Following last week’s 80 percent breakout rally, DOGE price officially began the 2024 rally. Moreover, the meme coin season is at hand, and small-cap memes – like Floki, Pepe, and Dogwifhat, among others – have rallied significantly in the past few weeks.
According to the latest market data, Dogecoin had a fully diluted valuation of about $24 billion and an average daily trading volume of around $3.5 billion.
Why is Dogecoin the King of Meme Coins?
Although Dogecoin has an infinite supply, the PoW consensus method makes DOGE more secure and resilient than any other meme coin in the crypto industry. As of block 5,121,016, the Dogecoin network had a total hash rate of about 1 PH/s and a mining difficulty of around 15.73 million.
The Dogecoin network takes pride in more than 7.2 million non-zero addresses with nearly 300 million on-chain transaction counts.
Interestingly, Musk demonstrated his commitment to Dogecoin by launching the Doge-1 mission to the moon, fully paid in DOGE, thus making it the first crypto to space.
Martinez Take on Doge Price Action
According to a popular crypto analyst Ali Martinez, DOGE price is closely mirroring its 2021 and 2017 bull rallies. As a result, the crypto analyst expects the DOGE price to reach the psychological resistance level of around $1 by mid-April.
The bullish stance is bolstered by the fact that the DOGE/USD on the weekly time frame closed above the 200 Moving Average (MA). In addition, the weekly Relative Strength Index (RSI) rallied above the 70 level in the past two weeks for the first time in more than two years, thus indicating the bulls are in control.
Nonetheless, the DOGE price must close above the resistance/support level of around 15 cents in the coming weeks to ensure a robust bullish momentum.
