- Dogecoin price rises 3.5% to $0.4075, fueled by memecoin and broader market recoveries.
- Memecoin sector sees a 94% monthly growth, with cumulative trading volumes nearing $55 billion.
- DOGE’s open interest remains high, signaling strong market participation and potential bullish continuation.
Dogecoin has experienced a notable 3.5% price increase over the past 24 hours, reaching $0.4075. This aligns with an overall cryptocurrency market recovery, which has risen by 3.3% during the same period, bringing the market capitalization to $3.32 trillion. The memecoin sector, in particular, has shown significant strength, supported by Bitcoin’s climb back above $95,000.
According to TradingView, DOGE’s price has remained in a volatile range between $0.35 and $0.45 over the past two weeks, trailing 15% below its recent high of $0.4808 recorded on November 23. However, the broader recovery in memecoins, coupled with bullish on-chain indicators, suggests further upside potential for Dogecoin.
Increased Market Activity Bolsters Memecoin Sector
The positive sentiment for memecoins extends beyond Dogecoin. Shiba Inu, the second-largest memecoin by market cap, recorded a 3.6% increase to $0.00002554, while Pepe surged by 6.5% to trade above $0.0000197. Other memecoins like Bonk and Dogwifhat have also seen gains in the last 24 hours. Collectively, the memecoin market cap has risen by 94% month-to-date, reaching $115 billion.
Trading volumes across the memecoin sector have also surged. Weekly transaction flows across Ethereum, Solana, and other blockchains grew to $391 million by November 22, a 157% increase from earlier in the month. Cumulative trading volume for all memecoins has neared $55 billion, reflecting strong market engagement.
Technical Patterns Signal Continued Bullish Momentum for DOGE
On-chain metrics highlight Dogecoin’s growing market participation. The open interest-weighted funding rate for DOGE increased to 0.025% on November 28, signaling heightened interest in long positions. Open interest remains elevated at $3.25 billion, suggesting strong market activity and potential for further price appreciation.
Technically, DOGE appears to be forming a V-shaped recovery on the four-hour chart. This bullish pattern indicates a sharp rebound following a steep decline, with the current price action aiming for resistance at $0.4806. However, a close below the 50-day simple moving average could undermine the recovery, potentially driving the price lower to test support at $0.3915.
Dogecoin’s performance, backed by broader memecoin and cryptocurrency market recoveries, highlights its continued relevance in the crypto space. With strong participation and encouraging technical setups, DOGE may sustain its upward trajectory in the near term.
