Institutional buyers propel Dogecoin higher with a 6% gain in market value.
Dogecoin Rockets Nearly 6% as Institutional Buyers Step In
Dogecoin (DOGE) surged close to 6% in the last 24 hours, shaking off recent sluggishness as institutional interest appears to be fueling a fresh rally in the popular meme coin.
Technical analysis from CoinDesk Research shows DOGE climbed from $0.191 to $0.200, powered by strong momentum and a spike in trading volume, which hit a peak of 470 million tokens during the early morning hour of 01:00.
Amid ongoing global economic uncertainties and geopolitical tensions, Dogecoin has stood out by breaking key resistance at $0.193 and quickly establishing a new support level at $0.200 after a short consolidation period.
The uptrend is clear, with the token consistently making higher lows and higher highs throughout the session. The most intense buying occurred late in the trading window, with volume surges of 32.9 million and 37.3 million tokens at 01:43 and 01:46, suggesting strong institutional accumulation.
Adding fuel to the momentum, a large $20 million transfer of DOGE to Coinbase coincided with the launch of the SHIB DAO, sparking renewed enthusiasm for meme coins and likely contributing to the price rally.
Quick Technical Recap:
- DOGE gained roughly 5.75%, rising from $0.191 to $0.200
- A solid uptrend formed with higher lows and highs, especially after 22:00
- Resistance at $0.193 was broken decisively with volume support near $0.190
- Peak volume of 470 million tokens was recorded at 01:00
- Late session volume spikes indicate institutional buying pressure
- The psychological $0.200 level was crossed, setting new support
- The session ended with reduced volatility but sustained gains
Looking ahead, traders will be eager to see if Dogecoin can maintain its bullish trajectory in the face of broader market challenges and volatility.
Share this content:
