In the past few days, the overall cryptocurrency market has experienced a massive upside momentum, including top cryptocurrencies and meme coins like Dogecoin, Shiba Inu, Pepe, and others. According to recent data from the on-chain analytics firm IntoTheBlock, more than 1,000 people have become Dogecoin millionaires in the last month, with a 76% increase in the number of addresses holding over $1 million worth of DOGE.
Meme coin’s impressive performance
As per the data from CoinMarketCap, Dogecoin (DOGE) has gained a significant price surge in the past few days. Besides DOGE, in recent days, other dog-themed coins, particularly Shiba Inu (SHIB) and Pepe (PEPE), have collectively generated more than $30 billion in trading volume, according to data from CoinGecko.
With the ongoing bullish momentum in the cryptocurrency landscape, meme coins are continuously making waves due to their impressive performance. On March 4, 2024, the on-chain analytics firm Santiment posted on X (previously Twitter) that popular meme coins such as SHIB, PEPE, FLOKI, and BONK have experienced a massive surge in trading activity over the past week, with their trading volumes increasing by over 3,000%, as reported by Todayq News.
Dogecoin technical analysis and key levels
Currently, Dogecoin (DOGE) is trading near $0.16, and in the last 24 hours, it experienced a price surge of over 1%. Looking at the performance of DOGE over a longer period, in the last 7 days, DOGE experienced a massive price surge of over 56%, whereas in the last 30 days, DOGE holders experienced a price surge of over 105% of upside momentum.
According to expert technical analysis, the massive price surge in Dogecoin was experienced just after the breakout of the long consolidation zone. Now, DOGE is experiencing a major resistance near the level of $0.165 following the market correction. If DOGE on a weekly time frame gives a candle closing above the resistance zone, then in the coming days, we may see a price of $0.288 based on the bullish market sentiment.
