Dogecoin ($DOGE) skyrocketed 9.7% in the past 24 hours, leaping from $0.2233 to $0.245 and fueling the memecoin frenzy.
This has solidified $DOGE’s dominance further as the largest memecoin in the market, with a market capitalization of over $36 billion, making it the 8th-largest cryptocurrency ahead of Cardano, Tron, and Sui.
In fact, Dogecoin is more than five times bigger than its underlying technology (Litecoin), showing how well it has performed since it launched 10 years ago.
Dogecoin’s trading volume also remains strong, with over $3.3 billion worth of $DOGE exchanged in the last 24 hours, up 66% in the same period, which confirms bullish momentum.
$DOGE Open Interest Soars 58.9% as Volume Tops $7.8B—Breakout in Sight?
Dogecoin bulls are now eyeing a breakout above $0.25, hoping to get the crypto asset back to its December 2024 high of $0.453, which is 43% away from current price levels.
Market sentiment indicators like the CoinMarketCap community indicator show that over 88% of $DOGE holders expect the price to rise.
The derivatives market is even painting a more impressive outlook for $DOGE.
In the last 24 hours, Open Interest (OI), the number of traders interested in the price of an asset going up or down, has increased by 58.9%, with over $2.9 billion being placed on Dogecoin’s price going up.
This accounts for 67.3% of the futures volume, accompanied by over $7.8 billion worth of DOGE.
This 24-hour volume is even bigger than that of Solana, $BNB, and even $XRP, all with more than double $DOGE’s market cap.
All of this points to the volume resurgence in the memecoin market.
Memecoins vs Altcoins: Why Meme Season Might Be Replacing Altseason
It’s becoming a custom in the crypto market that when liquidity comes, especially from the Bitcoin rally, memecoins benefit the most from it.
In the last 24 hours, the total market capitalization of the memecoin sector has surged to over $75 billion, with over $17.3 billion in volume.
Additionally, the top 20 memecoins in the market, from $DOGE, $SHIB, and $PEPE up to $MEW, have all posted gains of at least 6% in the last 24 hours.
There’s no other sector in the market that’s experienced such growth. This strengthens the argument that Altseason might have shifted to “meme season.”
Most of the popular altcoins are still down by at least 30% from this cycle’s high, with discouraging price action that might make it hard for them to recover.
Even Ethereum, the pioneer and leading altcoin, is still down over 33% from its December 2024 high of $4006.
The current altseason index is still lagging at 26/100 when the crypto Fear and Greed Index is at 72/100, revealing a growing gap between memecoins and the broader altcoin market.
Trading Above the Ichimoku Cloud: $DOGE Targets $0.298–$0.317 Next
As of May 22, $DOGE trades around $0.24002, with technical indicators pointing to ongoing bullish momentum.
The latest candlestick is a green-bodied candle with relatively small wicks, indicating that buyers maintained control throughout the day.
Currently, the price is trading above the Ichimoku Cloud, which is a strong bullish indicator.
The Tenkan-sen (blue line) and Kijun-sen (red line) are both below the current price, confirming short- and medium-term bullish trends.
If $DOGE can hold above the $0.25–$0.27 range, it may soon test the next key resistance zone between $0.298 and $0.317.
A stronger resistance lies between $0.399 and $0.414, a level where $DOGE has faced sell pressure during past rallies.
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