Dogecoin Soars Amidst Market Surge

Recently, the meme coin market has experienced remarkable growth, triggered by Bitcoin's surge towards $90,000. This impressive week for cryptocurrencies has witnessed new highs for the market leader and Dogecoin (DOGE) targeting $1 after a weekly increase exceeding 100%.

Intense Buying Pressure Propels Dogecoin

Dogecoin has sustained its upward trajectory for four consecutive days, with a 48% increase in the past 24 hours. This surge has reignited discussions about the possibility of reaching $1.

Over the past week, DOGE has delivered over 103% returns, nearly tripling in value over the last 30 days. Liquidations have reached over $131 million, the highest for DOGE this year. Open interest is approaching its all-time high set in April.

Positive sentiment surrounding Elon Musk's influence during the Trump administration has significantly contributed to the current rally.

Whale Activity and Market Capitalization

Dogecoin's whale activity has also surged, with a significant increase in large transaction volume over the last 48 hours. Total market capitalization for memecoins has doubled in the past week, soaring from $55 billion to $112.3 billion. This value exceeds the previous bull run high of $90 billion.

Year-to-date, the combined market value of cryptocurrencies in this category has increased by nearly 400%.

Dogecoin's Future Outlook

Dogecoin has experienced significant momentum after breaking through the $0.25 resistance level. However, sellers have defended the $0.44 level, creating a strong resistance. Currently, DOGE trades at $0.39, with a slight increase over the last 24 hours.

If buyers maintain their position, DOGE/USDT may continue its climb towards $0.4. However, if they struggle to break above $0.4, a correction could occur, potentially pulling the pair down to $0.32 or even retesting the breakout level at $0.25. Preserving the upward momentum will require buyers to defend this level effectively.