Dogecoin Price Spikes 10% Despite Crypto Market Bleeding

The Dogecoin Rally: Inspired by Kabosu's Legacy

The passing of Kabosu, the Shiba Inu who inspired the Dogecoin meme, has sparked a surge in activity for the cryptocurrency.

Trading Volume and Price Increase

Dogecoin's trading volume has witnessed a significant increase of over 35% in the past 24 hours. This surge has propelled the price of DOGE by approximately 10.5%, lifting it above $0.17.

Bullish Sentiment Amidst Market Decline

Despite a general downturn in the crypto market, Dogecoin has exhibited a bullish trend. This sentiment has been further fueled by the launch of the spot Ethereum ETF.

Kabosu's Impact and Dogecoin's Journey

The death of Kabosu has evoked memories of the viral meme that inspired Dogecoin's creation in 2013. The cryptocurrency has since become the largest meme coin by market capitalization and has inspired numerous others.

Dogecoin's Resurgence and Future Prospects

After a period of decline following Elon Musk's SNL appearance, Dogecoin has experienced occasional bullish surges. However, recent trends indicate a resurgence in popularity, with trading volume increasing since the start of the year.

Technical Analysis and Price Targets

Dogecoin has been trading within a range of $0.16 to $0.19. If the current upward momentum persists, it could test resistance at $0.20, potentially triggering further rallies toward $0.22 and $0.25. Conversely, a decline below $0.16 could lead to support levels at $0.1321 and $0.1164.

Coinbase's Legal Setback

In related news, Coinbase has lost a Supreme Court case regarding its 2021 Dogecoin sweepstakes. The court ruled against the exchange, determining that courts must decide which legal agreement takes precedence in cases involving multiple contracts.