Dogecoin price skyrocketed more than 16% in a single day amid a broad cryptocurrency market rebound as Bitcoin and other major assets rebounded. Bitcoin and major altcoins rallied, creating a risk-on environment that benefited meme coins like Dogecoin, while DOGE’s trading volume surged by more than 100% as investors, derivatives traders, and whales bought the dip amid renewed positive sentiment. The DOGE price chart showed a technical breakout in lower timeframes, with an hourly breakout above a descending trendline triggering heavy buying as the move coincided with a broader recovery in sentiment. Traders bought the dip as DOGE moved above the 50- and 200-hour moving averages, and the price pulled back from a 24-hour high of $0.104 to around $0.0956 as Bollinger bands indicated subsiding volatility.
Santiment noted that the DOGE pump began just after the crowd turned historically bearish on altcoins, and highlighted the dynamic in which large holders reportedly stepped in amid lower social-volume signals. Dogecoin price jumped after social volume toward altcoin season interest hit bottom. Santiment said “When conversations around altseason hit rock bottom, that’s when large capital holders begin to typically pump the price.”
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