Popular meme cryptocurrency Dogecoin ($DOGE) marked its tenth anniversary, hitting a yearly high of $0.104 on Wednesday. This was facilitated by a double-digit surge, propelled by the bullish sentiments that took over the broader cryptocurrency market recently.
The last time $DOGE was seen at this price level was almost a year back in December 2022. However, it still trades quite low compared to its all-time high of over $0.73.
This peak happened in May 2021 in the run-up to Elon Musk’s appearance on Saturday Night Live. Musk, a strong proponent of the meme coin, was later revealed to have been working with Dogecoin developers since 2019.
The open-source peer-to-peer digital currency took its inception on 6 December 2013. It was launched by creators Billy Markus and Jackson Palmer and gets its name from the “doge” Internet meme. The cryptocurrency, which started as a joke tweet based on a popular meme featuring a Shiba Inu dog, now has a whole community and a foundation formed around it.
$DOGE’s recent climb also triggered a rise in the amount locked in open Dogecoin futures. According to data source CoinGlass, notional open interest tied to $DOGE has risen by 58%. This is the dollar value locked in the number of active futures and perpetual futures contracts. The figure managed to reach up to $625 million in just one week.
The development corroborated the memecoin’s recent uptrend. However, analysts also believe that the surge isn’t necessarily a sign of excess greed as the DOGE/BTC ratio remained at bear-market depths.
A memecoin frenzy
Up by over 40% in the last 30 days, $DOGE joined leading memecoins in its recent uptrend. In doing so, it managed to sustain a bullish outlook since mid-October when the broader market turned green.
Memecoins have been trading in full frenzy this month, making the ones like Pepecoin ($PEPE) hit $666 million in market capitalisation. The digital token, which runs on the Ethereum network, has shot up by over 45% in the last seven days.
Known for its extreme volatility for being based on the Internet meme of ‘Pepe the Frog’, the token seemed to take a breather in its rally at the time of press.
Other larger cap meme coins like Shiba Inu ($SHIB) also enjoyed a surge in price recently, rising by over 20% weekly. However, such cryptocurrencies are high-beta assets, which have a history of moving in the direction of Bitcoin.
Investors of these memecoins therefore remain watchful of potential extreme bullish action in $BTC. The largest cryptocurrency by market cap is currently trading above $44k, up by over 4% daily and $16% weekly. It is said to have led the charge in the crypto market, fueled by optimism over the potential approval of a spot Bitcoin ETF in the US.
What do the charts say for $DOGE?
Despite the memecoin’s price surge, the charts did not see clear signs of an uptrend. The Moving Average Convergence/Divergence (MACD) was yet to witness a bullish crossover of lines.
The Relative Strength Index (RSI) was in the neutral zone, just below 60. However, the momentum indicator remained northbound, hinting at a stronger bullish momentum in future.
Following a few green histogram bars, the Awesome Oscillator (AO) was also back to flashing red bars at press time. This was evidence of an upcoming bearish presence in the $DOGE market.
However, not much of price volatility is to be expected as the Bollinger Bands were seen parallel to each other. An increased buying pressure above the current levels could take Dogecoin to extend its gains above the $0.10000 psychological level.
However, much resistance was seen at $0.104, followed by the one around the $0.150 zone. Supports on the downside were at $ $0.094 and $0.089.
