Dogecoin (DOGE) Rebounds, Becoming the Fastest-Growing Cryptocurrency Among Top 10 Coins by Market Cap

Memecoins shine as the market rebounds.

Dogecoin (DOGE) price soared on Monday, making it the fastest-growing cryptocurrency among the top 10 digital currencies. The popular meme coin’s value surged by over 10%, rising from $0.3254 to a high of $0.361.

This remarkable uptick boosted Dogecoin's market capitalization to over $52 billion, ranking seventh on the crypto list, as reported by CoinMarketCap. The price was at $0.354 at the last check, showing an 8.36% increase, and a 0.4% rise in the past day and week, respectively.

Memecoins Outperform as Market Recovers

Meanwhile, the broader crypto market showed signs of recovery after a challenging week that saw major tokens like Bitcoin and Ethereum lose significant value.

Dogecoin Ranking, Source: CoinMarketCap

However, memecoins outperformed their peers, with Shiba Inu (SHIB) rising by 4.76% to $0.00002145, and Floki (FLOKI) and Pepe (PEPE) both gaining 6%. Pepe's 6% rise propelled it back into the top 30 cryptocurrencies by market cap, currently ranked 25th with an over $7 billion market valuation.

Dogecoin's resurgence followed a challenging week, during which it shed 10% of its value to a low of $0.315. The broader market dip could be attributed to profit-taking and macroeconomic concerns.

But sentiment has shifted positively for DOGE, thanks to favorable technical signals and high-profile endorsements. After losing 28% of its market cap since its December highs, the signs now point to renewed optimism.

Whale Activity Signals Strength

Dogecoin also saw a significant uptick in whale activity. Large investors bought 470 million DOGE tokens on January 9 and 10, نشان دهنده اطمینان آنها به پتانسیل دارایی است.

DOGE Weekly Price Chart, Source: CoinMarketCap

Technically, DOGE is trading the 50-moving average, which is acting as the nearest price resistance level to the upside. The price is, however, above the 200-moving average. The Relative Strength Index is at 52, which leaves room for further price increases before a potential shift in sentiment.

Earlier this month, whales reportedly acquired over a billion DOGE in a single day. On the derivatives markets, 81% of open interest in Dogecoin futures on Binance remains long, suggesting bullish sentiment among traders.

Dogecoin Technical Outlook, Source: TradingView

Elon Musk, known for his influence on Dogecoin's trajectory, provided indirect support with a playful nod. Musk's recent posts about efficiency, in line with DOGE-themed references, may have rekindled interest in the cryptocurrency.

With robust whale activity, optimistic technical forecasts, and recovering market sentiment, Dogecoin appears poised for further gains. As the cryptocurrency market navigates its latest rally, DOGE's performance reinforces its reputation as a dynamic asset with strong community backing.