Dogecoin (DOGE), a dog-themed cryptocurrency, has seen a sharp 11% price increase in the past 24 hours, outpacing most other major cryptocurrencies. At the time of writing, Dogecoin’s price rose by 9.35% in the last 24 hours, reaching $0.1344. It has also gained 25% over the past week. This surge stands out in a market where several cryptocurrencies, like Bitcoin and Ethereum, showed only mild gains—under 1% in the last 24 hours. Some other assets even experienced losses of up to 5%.
While most of the market showed limited growth, meme coins, including Dogecoin, thrived. Dogecoin led with a 10% rise, followed by Shiba Inu, Floki, and MEW, which gained about 5%.
Key Drivers Behind Dogecoin’s Rise
The on-chain analytics platform Santiment provided some insight into this surge. It observed that increased discussions about meme coins like Dogecoin and Bonk triggered the price increase.
Meme coins started gaining attention as the market’s focus shifted away from major cryptocurrencies like Bitcoin and Ethereum, also known as layer-1 assets. According to Santiment, this shift in focus towards meme coins signals a possible cryptomarket top.
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Typically, high social engagement with meme coins leads to market corrections, while increased attention on layer-1 assets indicates market bottoms. Santiment added that the market could face a dip as greed drives the focus toward speculative assets like Dogecoin.
Technical Outlook and Price Projections
Dogecoin has been on an upward trend since October 14, recording gains for five consecutive days. Its initial rise began after finding support around $0.102 on October 10. Dogecoin has now surpassed the daily simple moving average (SMA) of 200 at $0.1294, a key resistance level since April.
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Previous attempts by bulls in May and July to push beyond this level were met with resistance. In the days ahead, the market will look for a decisive break above this critical level. If successful,
Dogecoin could climb to $0.14, then $0.17, with a possible target of $0.19. The daily SMA 50 at $0.108 should provide strong support in the event of profit-taking.
