The current price of Dogecoin (DOGE) is $0.23198, having risen by 8.5% in the past week, 12.4% this month, and an astonishing 119.3% since August 2024. In other words, the investment in Dogecoin made last August has more than doubled now. The market is closely watching the resistance level at $0.24; a breakout would reinforce bullish expectations and may trigger a significant rebound.
In the past 30 days, the overall top meme coins have risen over 11%, with Dogecoin outperforming competitors like Shiba Inu (SHIB) and Pepe (PEPE). Although the rise of Pudgy Penguins (PENGU) and Solana-based meme coins has caused Dogecoin's market dominance to drop from 50% to 46%, its market capitalization still leads SHIB with $25 billion. If it breaks through $0.24, Dogecoin may enter a new round of increases, with $0.36 being a key resistance level that, if surpassed, could reach heights not seen in nearly four years.
In the past 24 hours, Dogecoin has dropped by 3.4%, but the trading volume has reached $2.2 billion, indicating limited selling pressure and resembling a healthy correction that accumulates momentum for the next wave of rise.
The daily chart shows that Dogecoin has broken through the descending channel formed by the highs of November to December 2024, and may soon retest the $0.48 high, suggesting that the price could double. A resistance level at $0.49 could lead to a brief pullback, but if broken, it would pave the way for a push towards $1, bringing Dogecoin's market capitalization close to $150 billion, making it the fourth-largest cryptocurrency.
One of the key catalysts driving the rise of Dogecoin is the potential approval of a Dogecoin spot ETF by the U.S. Securities and Exchange Commission.
If approved, this would be the first meme coin ETF in the U.S., potentially attracting a large influx of institutional funds. Analysts expect that with institutional participation, the price of Dogecoin could break through $3, achieving exponential growth from current levels.
