Popular dog-themed cryptocurrency Dogecoin DOGE/USD edged higher Wednesday, defying weaknesses in blue-chip cryptocurrencies.
What happened: The world's largest meme coin rose over 3% in the last 24 hours, while its trading volume spiked 30% to over $2 billion.
DOGE’s surge contrasted with Bitcoin BTC/USD and Ethereum ETH/USD, which struggled on broader market concerns about President Donald Trump’s new auto tariffs. While the apex cryptocurrency was up just 0.21%, its younger sibling, ETH, fell 0.95%.
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Widely followed cryptocurrency analyst Ali Martinez, drawing on inferences from the SuperTrend indicator, projected that DOGE could "enter a bullish phase" if it breaks $0.21.
The SuperTrend indicator is used to identify uptrends and downtrends in the market and potential entry and exit points.
Another well-known technical analyst, going by the pseudonym AMCrypto, expected DOGE to spearhead what he believed was the beginning of a new meme coin rally.
"DOGE had a perfect multi-year support trendline retest. My first major target is $0.5 in Q2," the analyst predicted.
Sentiment also flared in the futures market, with DOGE's Open Interest rising 1.89% to $2.02 billion, marking the seventh consecutive day of gains, according to Coinglass.
Moreover, the Long/Short ratio rose above 1, indicating that a higher percentage of traders placed bullish bets on the memecoin.
Interest in the $30 billion-valued cryptocurrency has soared following the creation of a reserve of 10 million DOGE tokens, the purpose of which is to advance the use of the coin in real-world payments.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1985, up 3.14% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has dropped 36%.
Image via Shutterstock
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