Dogecoin price has rallied nearly 30% today, with its trading volume skyrocketing, signaling growing investors’ confidence in the crypto market. Besides, the DOGE surge also propelled a rally in the broader meme coins space. Amid this, a top market expert predicts the dog-themed meme coin to hit $2.4 next, sparking renewed hopes among traders toward the digital assets space.
Dogecoin Price To Hit $2.4 Amid Crypto Market Rally
The recent Dogecoin price rally has caught the eyes of investors amid a positive momentum noted in the broader crypto market. Notably, the global crypto market cap has hit the $3 trillion mark today again after 2021, indicating growing market interest in the digital assets space.
Amid this, a prominent crypto market expert Ali Martinez shared a bullish outlook for the crypto. In a recent X post, Martinez shared a price chart for DOGE and said that the crypto is likely to hit $2.40. Fueling further optimism, the analysis even noted that the top meme coin might target $18 next after hitting the brief $2.40.
Source: Ali Martinez, X
Besides, Santiment also highlights the growing appeal of the top meme coins among investors. The report highlights that Dogecoin DOGE has experienced a significant influx of new retail investors, with 74,885 wallets holding less than 100,000 DOGE added in the past four weeks.
Meanwhile, shark and whale wallets initially declined by 350 during this period but have partially rebounded with 108 returning in recent days. This renewed interest helped DOGE break the $0.40 barrier for the first time in three and a half years today. Notably, the analysts now await the next few days to determine if large stakeholders will continue to support the momentum, potentially indicating a sustained upward trend for the popular meme coin.
Source: Santiment, X
Why Is DOGE Going Up?
The optimism noted in the broader crypto market has sent Bitcoin price to its new high of near $90K today. Besides, the top altcoins along with the meme coins sector also followed suit, reaching new heights after months of witnessing highly volatile trading.
Simultaneously, Donald Trump’s win in the US election has also helped gains in digital assets. Specifically, Elon Musk’s focus to create the Department of Government Efficiency (D.O.G.E.) has also boosted Dogecoin price in recent days. The short form of Elon Musk’s proposed department D.O.G.E. has boosted the market sentiment while pushing the DOGE higher.
DOGE price today was up about 30% and exchanged hands at $0.39, while its one-day trading volume rocketed 107% to $40.36 billion. Notably, the crypto has touched a 24-hour high of $0.4359, its highest level since 2021. Besides, derivatives data by CoinGlass showed that Dogecoin Futures Open Interest rose 12% to $2.9 billion, further reflecting the growing market sentiment.
However, despite that, investors should exercise caution due to the volatile nature of these assets. Although the future of the Dogecoin price looks promising, the volatility still remains, which can significantly impact the traders if not traded carefully. Besides, Ali Martinez also recently highlighted a sell signal for DOGE, indicating a potential correction before further rally.
Source: Ali Martinez, X
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