Dogecoin (DOGE) advanced 10% in the past 24 hours to trade near $0.078, outperforming most of the cryptocurrency market. The surge came amid renewed momentum in the memecoin sector, where PEPE recorded a 19% gain and Shiba Inu (SHIB) rose 10% during the same period.
Memecoin sector surges on renewed liquidity
The broader memecoin market capitalization climbed over 5.37%, propelled by a sharp rise in trading volumes. Aggregate daily turnover in memecoins reached approximately $4.14 billion, representing a 189% increase from the previous day. DOGE alone accounted for $1.28 billion in volume, concentrating over half its weekly trading activity into a single day.
Open Interest in DOGE perpetual futures also expanded, with the total number of outstanding contracts rising to 17.21 billion DOGE versus 16.87 billion the prior day. Funding rates remained positive from August 5 onwards, signaling that bullish traders are paying a premium to keep long positions open.
A boost in overall market sentiment was reflected in the Fear & Greed Index, which rose from 46 to 62, placing market mood in the “Greed” territory. Meanwhile, Bitcoin surpassed $70,000 and Ethereum advanced past $2,200, further underlining the market-wide appetite for risk assets.
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AAPLA contributing factor to these shifts was the U.S. Treasury’s decision to double its long-term bond repurchase program. By injecting additional liquidity and pressuring the dollar downward, the move created favorable conditions for cryptocurrencies denominated in U.S. dollars.
Payment integration expands DOGE’s reach
DOGE’s recent integration with the Paxos infrastructure marked a notable step forward for the memecoin’s utility. Paxos powers payment systems for leading companies such as PayPal and Venmo, potentially granting millions of users easier access to Dogecoin as a payment option.
DOGE’s integration into the Paxos network powering PayPal and Venmo could drive adoption by connecting Dogecoin to one of the world’s largest payment ecosystems, giving the memecoin new exposure opportunities across retail finance.
While traditional financial markets have historically depended on layers of intermediaries, developments in the tokenization of real-world assets are accelerating. Wall Street is now embracing Web3, with investors able to use platforms such as 1stepSwap to directly hold shares of major U.S. companies, gold, and silver in their crypto wallets. By utilizing tokenization and automated price-finding, these tools eliminate traditional middlemen and allow for faster, more transparent access.
Despite this wave of innovation, DOGE spot exchange-traded funds (ETFs) recorded no new inflows after seeing a $564,000 net outflow on August 13, suggesting that institutional involvement in DOGE has yet to accelerate meaningfully.
Key technical hurdles and analyst views
From a technical standpoint, Dogecoin’s price broke above a long-term trendline set since May and moved past resistance on the 4-hour chart. The daily Relative Strength Index (RSI) reached 69, signaling conditions close to overbought territory. The MACD histogram indicated continued upward momentum.
Analyst chad (@chad_ventures) noted that each bounce during the ongoing downtrend, which began at $0.185, has been consistently rejected at a key resistance band. However, chad pointed out the emergence of a “Meridian North Star” signal and stated that the major question now is whether DOGE can decisively break and maintain levels above that resistance. He identified the $0.080 price zone, which coincides with the 100-day exponential moving average, as a critical threshold that could determine whether the rally turns into a lasting trend reversal.
The crucial test will be DOGE’s ability to convert the $0.080 supply zone into support, as overcoming this resistance could signal the start of a sustained upward move.
On the downside, the 50-day exponential moving average at $0.074 and the supertrend level at $0.069 form the near-term demand zone for price support. The market’s focus remains fixed on whether DOGE can clear its next supply zone and trigger further upside momentum.
