The meme coin market is back in the spotlight after larger cryptocurrencies entered a volatile period.
Dogecoin (DOGE) is up 9% in the last 24 hours and is poised to end the week up over 40%. At the time of writing, DOGE is trading at $0.2167, and its market capitalization has reached over $31 billion.
Crypto analyst Rekt Capital wrote on his X (Twitter) page, "Dogecoin has ended its macro downtrend and started a new macro uptrend.
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The analyst believes that if DOGE can hold above the critical level near $0.20, it will have strong upward momentum to move into the area above $0.30.
According to information published by CoinGape, Dogecoin's recent price breakout is a crucial boost for bulls looking to regain DOGE's historical value of $0.60. At the same time, this breakout points to the bulls' main goal of pushing the meme coin's price to $1.
It is worth noting that the dramatic increase in Dogecoin transaction volume from 1.22 billion to 9.20 billion in just 48 hours, as well as the growing number of holders accumulating DOGE, indicates strong demand for the meme token, which could lead to a significant rally.
At the same time, the Dogwifhat meme coin (WIF) has also seen impressive growth. In the last 24 hours, WIF has risen 20.1%, and in 30 days, it has gained 471.9%! WIF's market capitalization has reached $3.7 billion, surpassing PEPE's capitalization of $3.3 billion and making it the third largest meme coin.
WIF is currently trading at $3.71.
Dogwifhat's open interest has surpassed $500 million, confirming the bullish outlook of traders who expect the price of the meme coin to rise further in the future.
Analysts also believe that we should not discount the approaching halving, which could increase the price of Bitcoin and, as a result, lead to the growth of all cryptocurrencies.