Dogecoin’s price surge has led the meme rally, but co-creator Billy Markus admits he has “no idea” why it is climbing. Despite a recent pullback, DOGE has still gained 14% over the past week.
DOGE’s rally aligns with trends seen across the broader crypto market with the current price action suggesting short consolidation.
Dogecoin price aligns with the broader market
Dogecoin co-creator Billy Markus recently used the crypto’s price action as the subject of a joke in a recent post on X. Citing the DOGE price surge, Markus said he has “no idea” why the meme coin has been up in the last week.
it’s pretty much my answer to everything crypto price related
yet people still ask
— Shibetoshi Nakamoto (@BillyM2k) September 29, 2024
According to CoinGecko data, DOGE has apparently taken a breather on the daily charts even though it has recorded a 14% gain on the weekly chart. It would not be wrong to say that Dogecoin price action is moving in line with the broader market.
The crypto market lost around 4% of its global market cap on Monday, possibly on the back of economic concerns in the US. Meme coins also lost over 4%. Dogecoin is also down 4% in the 24-hour timeframe.
This comes after almost all meme coins rallied in August and September. The top 10 meme coins, including SHIB, PEPE, WIF, and BONK, recorded a double-digit price rise in the period. Meanwhile, Ethereum-based dog-themed NEIRO reportedly gained over 1600% in the last month.
DOGE looks resilient on technical and exchange signals
Dogecoin went into a lull at the end of September. Before the dip, its Relative Strength Index (RSI) on the daily USD charts showed overbuying. The price momentum has slowed down but remains in the 50-70 range. The RSI range is neutral, but the Bollinger Bands indicate upcoming volatility.
TradingView chart notes that the average price line has pulled back from the upper band but remains upward indicating only a short consolidation phase and possible reversal.
1-day DOGE-USD TradingView chart
At press time, DOGE exchange signals remain bullish on IntotheBlock. The netflows data shows a negative change in DOGE across 24 hours, 7 days, and 30 days.
28.18 million DOGE left exchanges over the last day. This suggests that investors may have moved the meme token into their personal wallets, which can reduce selling pressure.
