Meme coins have been rising since the year began, with Pepe and Bonk leading the charge. Dogecoin saw its weekly trading volumes climb above $10 billion, a signal that buying pressure is rising. Dogecoin has gone up by 14% in the past 7 days and has managed to reverse its downtrend as meme coins have made a strong comeback just a few days into 2026. Despite its undisputed dominance in this category, DOGE has not been the top-performing meme coin during this period, as other tokens in the top 5 like Pepe (PEPE) and Bonk (BONK) booked gains exceeding 35% during this same period.
What exactly is fueling this rally? That’s a bit unclear. It appears that market sentiment improved dramatically following President Donald Trump’s decision to enter Venezuelan territory. Apart from that, not much has changed in the macroeconomic landscape. The Fear and Greed Index reflects this improvement in sentiment, as the latter has moved to Neutral territory less than 2 months after hitting a record low of 10.
Data from Artemis1 shows that DOGE’s weekly trading volumes spiked last week as the token rose above $0.15. Weekly volumes rose above $11 billion for the first time since late November, reflecting increased buying pressure. Weekly activity above $10 billion has been a reliable canary in the coal mine for prior uptrends. If weekly volumes remain above $10 billion, DOGE could target the $0.18 level and possibly move higher, signaling the start of a new bullish cycle.
The daily chart shows DOGE broke its bearish price structure earlier in January by moving above the $0.12 level. The rally continued to push past the $0.14 barrier, a key resistance that helped confirm the uptrend. Now the token is taking a breather and could retest this price level from above. This healthy pullback is accompanied by volume above the 14-day moving average, and the RSI sits around 54, suggesting momentum remains constructive.
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