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Dogecoin (DOGE), the meme coin king has shown remarkable movement on the broader cryptocurrency market. In the last 24 hours, DOGE has recorded a significant 4% gain against the leading digital currency, Bitcoin (BTC).
Dogecoin gains traction as BTC shows weakness
CoinMarketCap data shows that the dog-themed meme coin, in Bitcoin terms, has registered a gain of 4%. This suggests that Dogecoin is performing better than Bitcoin on the crypto market within the period under consideration.
As of press time, DOGE was changing hands at $0.2383, after climbing to $0.2515 in earlier trading.
Despite the price correction, investors remain bullish, and trading volume has risen by 5.21% to $4.2 billion. This suggests market participants are confident in the meme coin’s breakout move as momentum builds.
Comparatively, Bitcoin’s dominance appears to be declining, signaling a possible shift to an altcoin season.
Within the same time frame, BTC has decreased by 1.26% to $102,924.40 as the asset experienced market volatility.
Interestingly, despite the price dip from a peak of $105,747.45 it hit earlier, market participants are still active. The trading volume has risen by 19.45% to $55.92 billion.
Whether this sustained interest would prove sufficient to support a rebound for Bitcoin remains an event that market participants look forward to. However, as of press time, Dogecoin is leading in this metric.
Raoul Pal hints at bigger move for DOGE/BTC
As reported by U.Today, with DOGE breaching the $0.220 resistance level, the meme coin is likely to enter short-term bullish mode. This could see DOGE climb toward the $0.25 levels if it gets enough capital injection.
DOGE’s earlier jump to $0.2515 was momentary as it faced resistance and slipped to its current level. However, if trading volume spikes, Dogecoin could make a run for $0.30.
Remarkably, Raoul Pal, Global Macro CEO, has hinted that Dogecoin has formed a bull flag and might witness a massive breakout after years of consolidation. Pal remains optimistic that the meme coin’s breakout could result in a new high for the DOGE/BTC pair.
Vladislav Sopov