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Dogecoin (DOGE) is arguably riding the bullish wave today as all of its growth metrics are on a tear. The price of the meme coin is up by 39% to $0.1276, arguably leading the sector’s resurgence in a Bitcoin-fueled bull rally. With the current price outlook, Dogecoin has now recorded a 51% surge in the trailing seven-day period.
The ongoing rally has pushed Dogecoin to hit a major milestone for the year as the price cleared off one zero, a feat it has not recorded in more than a year. Amid the ongoing rally, the DOGE price jumped to a 52-week high of $0.1344, a level that suggests the potential to return to its previous all-time high (ATH) of $0.7376.
There are many considerations in projecting the price of Dogecoin to return to the ATH, including trading volume, whale transaction impact and general market sentiment. Per current data, Dogecoin’s trading volume has jumped by 208% to $5,755,421,085, making it the seventh most traded digital currency on the market today.
Amid the market resurgence, Dogecoin whales are on a rampage, with data from crypto analytics platform IntoTheBlock (ITB) pegging the large transaction volume at $3.44 billion, up by 71.78% in 24 hours.
Dogecoin and broader market sentiment
Despite the current uptick in DOGE price, there are no signs of the personal ecosystem fundamental driving its rally, leaving it solely at the mercy of the broader market.
Bitcoin has taken the lead thus far, with its price skyrocketing above the $63,000 threshold for the first time since it last recorded its ATH above $69,000. The massive bullish momentum in the price of BTC has triggered a corresponding run for all altcoins, setting the pace for an encompassing market rally.
Dogecoin is currently one of the biggest beneficiaries of this correlation, and how long this rally will last remains to be seen.
Alex Dovbnya
Valeria Blokhina
