Dogecoin Bulls Drive Volume Rise 66%, Price Heads Toward Breakout Level $0.45

Dogecoin ($DOGE) has surged 9.7% in the past 24 hours, rising from $0.2233 to $0.245 and fueling the memecoin frenzy. This further reinforces the dominance of $DOGE 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 DOGE exchanged in the past 24 hours, a 66% increase during the same period, confirming the upward trend. Interest Rates for $DOGE Surge 58.9% as Volume Reaches $7.8 Billion: Is a Breakthrough Coming? Dogecoin speculators are currently eyeing a breakout above $0.25, hoping to bring this cryptocurrency asset back to its December 2024 high of $0.453, which is 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 last 24 hours, the 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 the futures trading volume, along with over 7.8 billion dollars in DOGE.

This 24-hour trading volume is even larger than that of Solana, $BNB, and even $XRP, all of which have market capitalizations more than double that of $DOGE. All of these indicate a resurgence in trading volume in the memecoin market. Memecoin Compared to Altcoin: Why Meme Season Could Replace Altcoin Season There is a common practice in the cryptocurrency market that when liquidity appears, especially from the price surge of Bitcoin, memecoins will benefit the most. In the last 24 hours, the total market capitalization of the memecoin sector has skyrocketed to over 75 billion dollars, with a trading volume of more than 17.3 billion dollars.

In addition, the top 20 memecoins in the market, from $DOGE, $SHIB, and $PEPE to $MEW, have all recorded an increase of at least 6% in the past 24 hours.

There is no other sector in the market that has such growth. This reinforces the argument that Altseason may have shifted to "meme season."

Most popular altcoins are still down at least 30% from the highs of this cycle, with the price action not looking promising, which may make it difficult for them to recover. Even Ethereum, the pioneering and leading coin, has still dropped over 33% from its peak of $4006 in December 2024. The current altseason index is still lagging at 26/100 while the Cryptocurrency Fear and Greed Index is at 72/100, indicating an increasing gap between memecoin and the altcoin market in general.

Trading on Ichimoku Cloud: $DOGE Next Target - $0.298–$0.317 As of May 22, $DOGE is trading at around $0.24002, with technical indicators showing that the bullish momentum is ongoing. The latest candle is a green body candle with a relatively small wick, indicating that buyers still control the price throughout the day.

Currently, the price is trading above the Ichimoku Cloud, which is a strong bullish indicator. The xanh(-colored )đường Tenkan-sen line and the đỏ(-colored Kijun-sen )đường line are both below the current price level, confirming the short- and medium-term bullish trend. If $DOGE can hold in the range of $0.25–$0.27, the price could soon test the next important resistance area from $0.298 to $0.317.

The stronger resistance level lies between $0.399 and $0.414, a level that $DOGE has faced selling pressure during previous price increases.