Dogecoin (DOGE), the largest meme coin by market capitalization, has increased in price by 12% in the past week, mainly thanks to Tesla accepting it as a payment method. 🚀🐕‍🦺

According to IntoTheBlock, DOGE's price increase to nearly $0.16 has benefited many holders who have invested in this token. Data shows that more than 83% of those with exposure to the meme coin are currently making paper profits, while only 13% are losing money.

Dogecoin outperforms its biggest rival, Shiba Inu, in this regard. About 60% of SHIB holders are making profits, while 36% are incurring losses.

Many analysts believe that Dogecoin's latest price resurgence could be the start of a major bull run. Rekt Capital believes that the meme coin has "overturned a multi-year resistance into new support," leading to a "New Uptrend."

Crypto Catalysts is more optimistic, praising its increased daily trading volume, “weekly level recovery,” and other positive factors. This analyst suggests that DOGE's path to the $1 mark is clear.