Dogecoin ($DOGE) has surged 9.7% in the last 24 hours, rising from $0.2233 to $0.245 and fueling the memecoin frenzy.
This further reinforces $DOGE's dominance as the largest memecoin in the market, with a market capitalization of over $36 billion, making it the 8th largest cryptocurrency, ahead of Cardano, Tron, and Sui.
In fact, Dogecoin is five times larger than its underlying technology (Litecoin), demonstrating how well it has performed since its launch 10 years ago.
The trading volume of Dogecoin remains strong, with over $3.3 billion in DOGE exchanged in the past 24 hours, a 66% increase during the same period, confirming the bullish trend.
Open Interest for $DOGE Surges 58.9% as Volume Hits $7.8 Billion: Is a Breakout Coming?
Dogecoin speculators are currently eyeing a breakout above $0.25, hoping to bring this cryptocurrency asset back to its peak of $0.453 in December 2024, 43% lower than the current price.
Market sentiment indicators such as the CoinMarketCap community index show that over 88% of $DOGE holders expect the price to rise.
The derivatives market even paints a more impressive outlook for $DOGE.
In the past 24 hours, Open Interest (OI), the number of traders interested in whether the price of an asset will rise or fall, has increased by 58.9%, with over $2.9 billion placed on the price of Dogecoin rising.
This figure accounts for 67.3% of futures trading volume, along with more than $7.8 billion in DOGE.
This 24-hour trading volume is even larger than Solana, $BNB, and even $XRP, all of which have more than double the market capitalization of $DOGE.
All of this indicates a resurgence in trading volume in the memecoin market.
Memecoin Versus Altcoin: Why Meme Season Could Replace Altcoin Season
There is a trend in the cryptocurrency market that when liquidity appears, especially from Bitcoin's rally, memecoins tend to benefit the most.
In the past 24 hours, the total market capitalization of the memecoin sector surged to over $75 billion, with trading volume exceeding $17.3 billion.
Additionally, the top 20 memecoins in the market, from $DOGE, $SHIB, and $PEPE to $MEW, have all recorded at least a 6% increase in the past 24 hours.
No other sector in the market has experienced such growth. This reinforces the argument that Altseason may have transitioned to 'meme season'.
Most popular altcoins are still down at least 30% from the highs of this cycle, with the lackluster price action making it difficult for them to recover.
Even Ethereum, the leading and pioneering coin, is still down over 33% from its peak of $4,006 in December 2024.
The current altseason index is still lagging at 26/100 while the Crypto Fear and Greed Index is at 72/100, indicating an increasing gap between memecoins and the altcoin market overall.
Trading On Ichimoku Cloud: $DOGE Next Target - $0.298–$0.317
As of May 22, $DOGE was trading at around $0.24002, with technical indicators suggesting that a bullish trend is underway.
The latest candlestick is a green body with a relatively small wick, indicating that buyers are still in control of the price throughout the day.
Currently, the price is trading above the Ichimoku Cloud, which is a strong bullish indicator.
The Tenkan-sen line (blue line) and Kijun-sen line (red line) are both below the current price, confirming a bullish trend in the short and medium term.
If $DOGE can hold above the range of $0.25–$0.27, the price may soon test the next important resistance zone ranging from $0.298 to $0.317.
Stronger resistance lies between $0.399 and $0.414, a level at which $DOGE has faced selling pressure in previous rallies.
