“`Bitcoin
- Dogecoin is once again seeing an upside following the Bitcoin recovery above $66,000, which, in turn, triggered a broader crypto market recovery.
- Crypto analyst Crypto Scient expects this bullishness to continue going forward and eventually lead to the start of another meme coin mania.
- “Once the Dogecoin price flips bullish, it’ll trigger the start of another meme coin mania as other meme coins start to move with it,” explains Crypto Scient.
This article explores the potential resurgence of Dogecoin and its implications for the broader meme coin market, highlighting key metrics and analyst predictions.
Dogecoin Set To Kickstart Meme Coin Mania
Presently, the Dogecoin price is not as bullish as expected since it continues to struggle to break out of $0.15. However, it has not eroded expectations for the meme coin as crypto analysts continue to predict that its price still has room to rally.
DOGE Metrics Flipping Bullish
Despite its price not performing as well as investors hoped, the steady rise in bullishness in Dogecoin metrics suggests that the meme coin could end up seeing a delayed rally. One of these metrics is the open interest. Over the last 24 hours alone, the Dogecoin open interest has risen by over 10% to $869.54 million, according to data from Coinglass. This suggests a steady rise in interest in the altcoin among traders who are now opening more positions on the meme coin. Historically, whenever open interest started rising, the DOGE price has followed as well.
Conclusion
This analysis indicates that while Dogecoin currently struggles to break past the $0.15 mark, the increasing interest and trading volumes point to a potential bullish reversal. If these metrics hold, Dogecoin could spearhead another meme coin rally, reminiscent of the surge seen in February 2024.
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