Dogecoin is showing strong momentum this weekend as the original meme coin surges amid renewed market excitement and significant liquidation imbalances.
At press time, DOGE trades at $0.1813, up 9.18% over the past 24 hours, with its market cap climbing to $27.5 billion.
Trading volume has jumped 80% to $3.39 billion, and the volume-to-market-cap ratio of 12.38% reflects heightened activity and investor enthusiasm.
In the meantime, data from CoinGlass shows a remarkable 385% liquidation imbalance, with over $8 million short positions liquidated.
The power of Musk's X
Elon Musk once again sparked a Dogecoin rally with a brief post on X, declaring “It is time,” in reference to an older tweet about “putting a literal Dogecoin on the literal moon.”
The message quickly reignited bullish sentiment, recalling Musk’s influence during the 2021 rallies when Dogecoin surged 339% and later peaked at $0.682. Despite celebrity support, however, Dogecoin’s mainstream payment adoption remains limited.
Crypto investors' confidence
Investor optimism is also growing as Bitwise moves closer to launching the first Dogecoin spot ETF. The firm removed a “delaying amendment” from its SEC filing, paving the way for approval within 20 days if unopposed.
Bloomberg’s Eric Balchunas suggested the ETF could debut by late November, a milestone that would bring institutional exposure to DOGE and further validate its market presence.
Dogecoin price prediction
After retreating from $0.22 in late October, DOGE price has recovered to around $0.18, with Polymarket assigning a 61% chance it regains $0.20 this month.
The token faces resistance between $0.19 and $0.21, where the 20-, 50-, and 200-day moving averages converge. A breakout could push DOGE toward $0.25, though sustained momentum will be required to overcome this technical ceiling.
With Musk’s renewed attention, rising volumes, and ETF speculation driving demand, Dogecoin appears well-positioned for further upside if bullish sentiment persists.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team