DOGE Rockets Toward $0.20 Amid Meme-Coin Boom Outpacing Broader Crypto

Dogecoin rises to $0.2000 and then falls despite retail investor interest.

Meme coin prices rose over 12% in 24 hours, exceeding smart contracts platform and Layer-1 protocols.

Dogecoin futures market Open Interest rises to $2.65 billion and trading volume reaches $7.20 billion.

Dogecoin (DOGE) rose to $0.1990 on Friday with other major cryptocurrencies. The biggest meme currency is gaining popularity, reaching May's $0.2597 peak. The consistent growth in futures Open Interest (OI) contracts indicates risk-on mentality.

Meme coins are outperforming smart contracts platforms and Layer-1 technologies.

The market value of smart contracts platform protocols was $3.2 trillion, and they gained 6.2% on average. Layer-1 tokens had a 6.1% 24-hour price rise and a market share just around $3.1 trillion.

Meme currencies may gain popularity if investors diversify their portfolios or rotate money from Bitcoin (BTC), which achieved a record all-time high of $118,869 on Friday.

CoinGlass data shows a $2.57 billion Dogecoin futures Open Interest, which includes all unfunded futures and options contracts.

After dropping to $1.7 billion on July 2, traders have boosted their DOGE appetite, as the futures market volume rose to $7.2 billion.

Many short-positioned traders are calculating losses after price rose to $0.2000. The data below shows that short positions lost $10 million and long positions $3 million in the previous 24 hours. With the long-to-short ratio over 1.0000, Dogecoin might prolong its climb with a strong tailwind and trading confidence.

With its position far above the upward-trending moving averages, meme coin is positive. The 200-day Exponential Moving Average (EMA) is $0.1818, the 100-day is $0.1748, and the 50-day is $0.1725, which support the uptrend but might absorb selling pressure if Dogecoin falls back due to profit taking.

#DOGE #BTCBreaksATH #ETHBreaks3k #MuskAmericaParty #TrumpTariffs $DOGE $BTC $ETH