The meme coin sector is seeing remarkable momentum, bolstered by Bitcoin's push toward $90,000. Dogecoin (DOGE) is standing out, gaining over 100% in the past week and reigniting hopes of reaching $1. The surge in price has attracted renewed attention, especially given recent moves by Elon Musk, who now holds a prominent role in the new Department of Government Efficiency (D.O.G.E).

DOGE Attracts Significant Buying Interest

Dogecoin’s upward streak has held strong for four days, with a notable 48% rise in the last 24 hours alone. As of Tuesday, DOGE crossed the $0.41 mark, its highest since May 2021 when it peaked at over $0.70. Over the past week, the coin has rewarded investors with over 103% gains and has almost tripled in value over the last month, per market data.

Coinglass reports that DOGE saw over $131 million in liquidations, the largest figure for the token this year, with open interest approaching record levels not seen since April. Much of the rally is attributed to positive sentiment surrounding Musk’s influence in the Trump administration.

Additionally, whale activity has spiked, with IntoTheBlock data indicating that the large transaction volume has grown from $2.7 billion to $16.4 billion within 48 hours, driving trading activity. CoinMarketCap data further reveals that the total market cap of meme coins has surged by $55 billion in the past week, reaching $112.3 billion—a 25% increase over the previous high of $90 billion during the last bull market. This category's year-to-date growth is now close to 400%.

Dogecoin’s Path Forward

After surpassing the $0.25 resistance, Dogecoin has gained solid upward momentum. However, sellers at the $0.44 level have provided a strong defense, stalling the rally. At the time of writing, DOGE is trading at $0.39, up by over 1.6% in the last 24 hours.

The long upper wick on the November 11 candlestick hints at seller resistance at $0.44. Should buyers manage to withstand this pressure, the DOGE/USDT pair could continue its climb toward $0.4. Buyers have successfully defended the $0.34 level, triggering a bounce.

If they fail to push DOGE past $0.4, a correction may follow, possibly leading to a retest of the $0.32 and $0.25 support levels. Maintaining the $0.25 level will be essential for buyers to sustain the current upward trend.