Dogecoin Surges 9.7% in 24 Hours, Market Cap Exceeds $36 Billion

Dogecoin ($DOGE) has surged by 9.7% in the past 24 hours, rising from $0.2233 to $0.245, which has further solidified its position as the largest memecoin in the market. With a market capitalization exceeding $36 billion, Dogecoin now ranks as the 8th-largest cryptocurrency, surpassing Cardano, Tron, and Sui. Notably, Dogecoin's market capitalization is more than five times that of its underlying technology, Litecoin, highlighting its impressive performance since its launch a decade ago.

The trading volume for Dogecoin has also seen a significant increase, with over $3.3 billion worth of $DOGE exchanged in the last 24 hours, marking a 66% surge in the same period. This substantial volume confirms the bullish momentum behind Dogecoin. Market sentiment indicators, such as the CoinMarketCap community indicator, show that over 88% of $DOGE holders expect the price to rise. This positive sentiment is further supported by the derivatives market, where Open Interest (OI), which measures the number of traders interested in the price movement of an asset, has increased by 58.9%. Over $2.9 billion has been placed on Dogecoin’s price going up, accounting for 67.3% of the futures volume, accompanied by over $7.8 billion worth of DOGE. This volume is even larger than that of Solana, $BNB, and $XRP, all of which have market capitalizations more than double that of Dogecoin.

Technical indicators also point to ongoing bullish momentum for Dogecoin. As of May 22, $DOGE trades around $0.24002, with the latest candlestick showing a green-bodied candle with relatively small wicks, indicating that buyers maintained control throughout the day. The price is currently trading above the Ichimoku Cloud, a strong bullish indicator. The Tenkan-sen (blue line) and Kijun-sen (red line) are both below the current price, confirming short- and medium-term bullish trends. If $DOGE can hold above the $0.25–$0.27 range, it may soon test the next key resistance zone between $0.298 and $0.317. A stronger resistance lies between $0.399 and $0.414, a level where $DOGE has faced sell pressure during past rallies.

Dogecoin bulls are now eyeing a breakout above $0.25, with hopes of returning the crypto asset to its December 2024 high of $0.453, which is 43% away from current price levels. This bullish outlook is supported by the overall resurgence in the memecoin market, where the total market capitalization of the memecoin sector has surged to over $75 billion, with over $17.3 billion in volume. The top 20 memecoins, including $DOGE, $SHIB, and $PEPE, have all posted gains of at least 6% in the last 24 hours, indicating a shift from "altseason" to "meme season." This trend is further supported by the fact that most popular altcoins are still down by at least 30% from this cycle’s high, with discouraging price action that might make it hard for them to recover. Even Ethereum, the pioneer and leading altcoin, is still down over 33% from its December 2024 high of $4006. The current altseason index is lagging at 26/100, while the crypto Fear and Greed Index is at 72/100, revealing a growing gap between memecoins and the broader altcoin market.