While the broader crypto market consolidates, Dogecoin price surged 5% in the last 24 hours to $0.1852, with trading volumes jumping 111% to $1.58 billion.
By Bhushan Akolkar
Updated
2 mins read
While the broader crypto market has entered consolidation, Dogecoin DOGE $0.19 24h volatility: 2.1% Market cap: $28.47 B Vol. 24h: $1.72 B price has defied the market trend, gaining 5% in the last 24 hours, moving to $0.1852, with daily trading volumes shooting 111% to $1.58 billion, hinting at strong bullish sentiment. Today’s price rally comes amid the Dogecoin Foundation’s announcement of building the DOGE reserves.
Today’s Dogecoin price surge comes with the launch of the “Official Dogecoin Reserve”, an initiative by the Dogecoin Foundation to boost the meme coin’s stability and appeal to institutional investors.
As part of its plans to build the DOGE reserve, the Dogecoin Foundation will purchase 10 million DOGE, valued at approximately $1.8 million, while ensuring the long-term Dogecoin price stability and credibility.
Institutional interest in meme coins has been growing in recent days, and Dogecoin has been at the forefront of it. Furthermore, there’s been a growing optimism for the approval of Dogecoin ETF this year in 2025.
As of March 25, crypto betting platform Polymarket indicates a 72% probability of a Dogecoin ETF launching by the end of the year, a significant jump from just 27% at the start of January.
Dogecoin price has shown relative strength, holding above the crucial support levels of $0.16 and bouncing back from there. Technical analyst ZAYK Charts has identified a falling wedge pattern in Dogecoin’s daily chart, suggesting a potential bullish breakout.
The falling wedge is typically considered a bullish reversal pattern, indicating that the asset may experience upward momentum if it breaks above the upper resistance line. The DOGE price breakout from this stage could stage a 100% rally moving ahead, as shown in the chart below.
Crypto market analysts predict that DOGE has been showing major strength with the potential for a parabolic rally to $1. Supporting this is Dogecoin’s on-chain data, such as DOGE open interest (OI) and funding rates have been showing strength.
As of March 25, Dogecoin’s open interest (OI) in the futures market surged to $1.80 billion, recovering from a four-month low of $1.33 billion recorded on March 11. Additionally, DOGE’s weekly funding rates turned positive, climbing to 0.157% after dipping into negative territory on March 21.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.