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Dogecoin (DOGE), the industry’s dominant meme coin, is leading the altcoin rebound today after printing an unexpected rally over the past hour. According to data from CoinMarketCap, Dogecoin's price has jumped by over 10% in 24 hours, pushing the coin to breach the $0.20 resistance.
Dogecoin metrics light up
It is not uncommon to find DOGE showcasing intense volatility on the market. As of press time, Dogecoin’s trading volume rallied by 16.95% overnight to $1.85 billion. This visible interest in the altcoin has set it apart today in what appears to be a breakout push toward its multi-week high above $0.23.
Godfrey BenjaminThus far this year, Dogecoin has climbed as high as $0.4159 before charting a sustained correction amid volatility. With the consistent uptick in DOGE's open interest, there has been a visible buildup to the current breakout the coin is seeing.
While it remains uncertain what triggered the latest rally, the top meme coin has been in the news all week. As reported earlier by U.Today, House of Doge, an offshoot of the Dogecoin Foundation, has launched its reserve for DOGE, buying 10 million units of the asset.
This move underscores the growing relevance of Dogecoin as a worthy reserve asset.
What's next for DOGE?
Since the start of the month, Dogecoin has not successfully managed to flip the $0.20 resistance as support. However, with this latest push, the meme coin might be ready for a sustained blowout.
Gamza KhanzadaevThe growth of the altcoin will now hinge on broader market sentiment, particularly on its correlation with Bitcoin. Now that Bitcoin has breached the $88,000 mark, the market is showcasing positive sentiment that has partly rubbed off on Dogecoin.
How high the coin will go with this latest rebound remains unknown, with some analysts speculating that a $1 rally may already be in the works.
Vladislav Sopov
Dan Burgin