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Dogecoin (DOGE) has retained more than 27% growth in the past seven days as some altcoins have started paring off their gains. Per its current outlook, Dogecoin is up 7.57% to $0.07143, solidifying its stance as one of the top gainers in the top 10 list of capitalized coins.
While there is a slight doubt in the ability of Dogecoin bulls to sustain this current uptrend, top analyst Rekt Capital said, in what he tagged as the "Moment of truth for #DOGE," that the FOMO wicks have happened, implying we may see more capital inflows for the meme coin in the coming days.
He went on to say that a weekly close above $0.07163 will form a great contributing sign in heralding a major breakthrough for the coin.
Notably, the latest rally in the price of DOGE has been devoid of influence from its chief promoter, Elon Musk. Besides the broader market rally that ignited the bulls that broke its elongated dormancy, buyers considered previous bearish performance and its accompanying drawdowns enough of a boost to take new positions in the coin.
So, what comes next?
The current growth in DOGE has dispelled the narrative that there is no more fight left for the digital currency. The optimism in determining what comes next hinges on its trading volume, which went parabolic to $1.1 billion, up by more than 163% overnight.
Previously, it was unclear whether DOGE was still in the meme coin war, with Shiba Inu (SHIB) taking the stage with its Shibarium launch. Today, Dogecoin has deepened its market capitalization while maintaining a more positive outlook for whales within its ecosystem.
Should its current performance be sustained, Dogecoin is on track to retest the $0.081 price level, a level which, if achieved, will mark the biggest price point since July 25.
Gamza Khanzadaev
Arman Shirinyan
Alex Dovbnya
