Newer memecoins like WIF, PEPE, and BONK have seen explosive growth compared to Dogecoin's recent gains.
Despite lower growth, Dogecoin holds the largest market cap ($21 billion) compared to other memecoins.
Open interest in Dogecoin futures contracts suggests that investor interest in long positions is growing at a massive rate.
The number of wallets holding Dogecoin has grown 27% in the last 6 months, showcasing increased adoption.
Chart analysis suggests that Dogecoin could reach $0.35 if it breaks above its $0.15339 moving average
Dogecoin has spent the last two years under the shadow of the other memecoins that seem to pop up almost every day.
The days of Dogecoin completely dominating the crypto market in terms of price performance appear to be gone. This seems especially true, considering the memecoin’s 91% gains over the last year, compared to WIF’s 1900%, PEPE’s 550% and BONK’s 4665% within the same timeframe.
Dogecoin’s price
However, despite the growth of these other cryptocurrencies, Dogecoin remains the most important memecoin in the space, on an undisputed scale.
The king of memecoins has a $21 billion market cap, which is nearly 70% more than the next largest memecoin’s $14 billion market cap (Shiba Inu).
In this article, we will go over why Dogecoin might be a sleeping giant after all, and why the $0.35 zone might be in view from here.
To start things off, Dogecoin has rallied by nearly 15% over the last 24 hours since writing, along with a 23% spike in trading volume within the same timeframe.
According to data from Coinglass, and as illustrated below, the open interest in Dogecoin has never been this high—not since 2020, anyway.
Dogecoin’s exchange futures open interest
The snapshot shows that the cryptocurrency’s exchange open interest hit a high of $34.9 billion on 31 March, and has remained steady ever since, between this $34.9 billion high and $28.3 billion where it now sits.
This spike in open interest came after Dogecoin's break above $0.1 in the general market rally between early to mid-March, indicating that investors are growing an increased appetite for long positions.
Moreover, according to insights from Santiment in a recent tweet, the number of non-empty wallets on Dogecoin has grown over the last 6 months, by an impressive 27%.
The increase in non-empty wallets
This makes Dogecoin the second largest by this metric, aside from Toncoin, which had a 110% increase within the same timeframe.
Others included USDT with 23%, Ethereum with 11%, and USDC with 16%.
We can see Dogecoin’s growth more clearly in the charts, as indicated by the ongoing rebound of the $0.123 zone below
Dogecoin’s price action
Dogecoin appears fully poised to continue its ascent to the upside and only has to break above its medium-term moving average at around $0.15339 to make things work.
As shown above, the RSI on the daily chart shows that the cryptocurrency has hit a neutral reading of 50.07 on the daily chart, indicating that the bulls and bears have almost equal footing.
Dogecoin’s possible trajectory
A break above this $0.15339 moving average might lead to a consolidation phase between $0.15339 and $0.17, beyond which the bulls and bears will struggle for dominance.
The outcome of this struggle determines whether Dogecoin rallies onward to $0.2 or higher or declines to $0.14 for a new higher low.
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