Dogecoin, the largest meme coin by market value, experienced an increase of over 20% today. Meanwhile, BTC is finding buyers at $60,700 at the time of writing. The rapidly rising markets have not yet triggered the desired level of gains in altcoins. For now, a few altcoins like SOL, SHIB, and DOGE have gained over 15%.
Dogecoin (DOGE)
In the last 24 hours, Dogecoin’s value has increased by 30%, and its market cap has risen to $18.6 billion today. Data from Coinglass indicates a 50% increase in interest in Dogecoin futures. The open interest for DOGE has reached a record level of $1.09 billion. However, a relaxation in the overall market sentiment is expected.
Before moving on to Dogecoin, I should mention that ETF volume data has weakened compared to yesterday, and this could trigger weekend profit-taking if there are no surprises tomorrow. Returning to Dogecoin, the increase in open interest in futures indicates positive cash inflows.
Along with Dogecoin, other meme coins like BONK and Shiba Inu also became active today. This kind of rapid rise is what we are accustomed to during such periods.
DOGE Price Predictions
Three market commentators have expressed their views on the current outlook for Dogecoin. Kaleo sees a bright future for Dogecoin and advocates for profit-making days for Bitcoin. Rekt Capital also favors the continuation of the price rise and argues that the meme coin king should not be underestimated. Rekt Capital wrote:
“A monthly close above the macro downtrend will start a new macro uptrend for DOGE.”
If the expected optimistic scenario materializes, the price could increase by more than 300% and test the resistance area of $0.52. This would be the first journey towards $1 without Elon Musk’s involvement, and if it catches Musk’s attention, dreams could become reality.
Dogecoin, which has surpassed most cryptocurrencies in market value, is currently at $0.125, and maintaining these levels will motivate optimists. However, we must also consider the downside. The latest DOGE analysis from CryptoQuant indicates that Dogecoin is in the “overbought” zone and profit-taking may follow.
