Dogecoin's price surged nearly 30% today, with trading volume soaring, indicating increasing investor confidence in the cryptocurrency market. Additionally, Dogecoin's rise has also boosted the broader meme coin sector. Among this, a top market expert predicts that the dog-themed meme coin will next reach $2.4, rekindling traders' hopes for the digital asset space.
As the cryptocurrency market rebounds, Dogecoin's price is set to reach $2.4.
Against the backdrop of a generally positive momentum in the cryptocurrency market, Dogecoin's recent price increase has caught the attention of investors. Notably, the global cryptocurrency market cap has today surpassed the $3 trillion mark again since 2021, indicating a growing interest in the digital asset space.
Amid this, renowned cryptocurrency market expert Ali Martinez has expressed an optimistic view on cryptocurrencies. In a recent X post, Martinez shared the price chart for DOGE and indicated that the cryptocurrency could reach $2.40. Further fueling optimism, this analysis even pointed out that after briefly hitting $2.40, the top meme token might target $18.
Moreover, Santiment also emphasized the increasing appeal of top meme coins to investors. The report highlights that Dogecoin (DOGE) has experienced a surge in new retail investors, with 74,885 new wallets created in the past four weeks holding less than 100,000 DOGE.
Meanwhile, the Shark and Whale wallets initially dropped by 350 during this period but have recently rebounded, recovering 108. This rekindled interest helped DOGE break the $0.40 mark for the first time in three and a half years today. Notably, analysts are now waiting for the next few days to determine if large stakeholders will continue to support this momentum, which could indicate that this popular meme token will continue to rise.
Why did DOGE rise?
The overall optimism in the cryptocurrency market has driven Bitcoin's price to a new high of nearly $90,000 today. Additionally, top altcoins and the meme coin sector have followed suit, setting new highs after months of highly volatile trading.
At the same time, Donald Trump's victory in the U.S. election has also propelled the rise of digital assets. Specifically, Elon Musk's focus on creating a Department of Government Efficiency (DOGE) has contributed to the price increase of Dogecoin in recent days. The abbreviation DOGE for the proposed department by Elon Musk has boosted market sentiment while pushing up DOGE.
DOGE's price rose about 30% today, trading at $0.39, while its daily trading volume soared 107% to $40.36 billion. It is noteworthy that this cryptocurrency has reached a 24-hour high of $0.4359, the highest level since 2021. Additionally, CoinGlass's derivatives data shows that Dogecoin futures open interest has risen 12% to $2.9 billion, further reflecting the growing market sentiment.
However, despite this, investors should proceed with caution as these assets are volatile. While the future outlook for Dogecoin's price is promising, volatility still exists, and significant impacts on traders could occur if trading is not approached carefully. Furthermore, Ali Martinez has recently highlighted sell signals for Dogecoin, indicating that a pullback may occur before further increases.
