|
Getting your Trinity Audio player ready...
|
Key Takeaways:
- Dogecoin (DOGE) has surged 17.5% in 24 hours and 101% since July 2024, in line with the broader market boom.
- A combination of Bitcoin’s all-time high, pro-crypto U.S. legislation, and massive ETF inflows is fueling the rally.
- If DOGE breaks past the $0.25 resistance, it could soon touch $0.35 and potentially higher in the short term.
The global cryptocurrency market is riding an extraordinary bull wave, with the total market capitalization breaching $4 trillion for the first time on Friday, July 18. Dogecoin (DOGE), the original memecoin, is surging alongside the broader market, registering impressive double-digit gains across multiple timeframes.
Dogecoin’s Bull Run: 100%+ Gains Since July 2024
Dogecoin has rallied an impressive 17.5% in the last 24 hours, with even stronger gains seen over longer periods—25.4% in the past week, 46.5% over the last 14 days, and nearly 45% in the past month. Since July 2024, DOGE’s price has more than doubled, jumping by 101%.
The current upswing places DOGE among the top-performing cryptocurrencies this cycle, cementing its place as a retail investor favorite during euphoric market conditions.
Market-Wide Momentum Boosts DOGE Sentiment
The Dogecoin rally is largely fueled by the larger crypto market momentum. Bitcoin (BTC) recently touched a new all-time high of $122,834 on July 14, reinvigorating bullish sentiment across the board.
Additionally, the passage of the GENIUS Act, Clarity for Payment Stablecoins Act, and the Anti-CBDC Act by the U.S. House of Representatives has catalyzed optimism. These legislative moves are seen as pro-crypto, prompting increased investor confidence in the U.S. digital asset landscape.
Institutional Inflows Add Fuel to the Fire
Another major factor behind DOGE’s price action is the wave of institutional investment, particularly in crypto ETFs. On July 17, BlackRock’s IBIT Bitcoin ETF reportedly purchased nearly $500 million worth of BTC, showing strong commitment from the world’s largest asset manager.
With BlackRock also aggressively accumulating Ethereum for its ETH ETF, the positive spillover into altcoins like DOGE appears inevitable.
Also Read: Dogecoin Price Breakout: Will DOGE Hold Above $0.19 and Target $0.22?
At its current trajectory, analysts say DOGE could potentially breach the $0.35 level over the weekend. However, the $0.25 resistance zone, which previously halted its upward momentum in May, remains a key hurdle.
If DOGE convincingly breaks above $0.25, it could enter price discovery territory and test new multi-month highs—further supported by retail FOMO and institutional spillover.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
