Popular dog-themed cryptocurrency Dogecoin DOGE/USD edged higher Wednesday, defying weaknesses in blue-chip cryptocurrencies.

The world's largest meme coin rose over 3% in the last 24 hours, while its trading volume spiked 30% to over $2 billion.

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) edged higher on Wednesday, even as broader weakness in blue-chip cryptocurrencies remained in the spotlight.

What Happened: The world’s largest meme coin gained over 3% in the last 24 hours, while its trading volume shot up by 30% to cross $2 billion.

This contrasted with Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which struggled on broader market concerns about President Donald Trump’s new auto tariffs. While the apex cryptocurrency rose a mere 0.21%, its younger sibling, ETH, went down by 0.95%.

"The SuperTrend indicator suggests that #Dogecoin $DOGE could enter a bullish phase upon breaking the $0.21 resistance level."

Another well-known technical analyst, AMCrypto, expected DOGE to spearhead what he believed was the beginning of a new meme coin rally.

"Perfect multi-year support trendline retest by $DOGE. Memes are slowly moving up now, and I expect DOGE to lead the rally. My first major target is $0.5 in Q2," the analyst said.

Sentiment also flared in the futures market, with DOGE's Open Interest rising 1.89% to $2.02 billion, marking the seventh consecutive day of gains, according to Coinglass.

Moreover, the Long/Short ratio went above 1, indicating that a higher percentage of traders placed bullish bets on the memecoin.

Interest in the $30 billion-valued cryptocurrency has shot up following the creation of a reserve of 10 million DOGE tokens, the purpose of which is to advance the use of the coin in real-world payments.

Price Action: Dogecoin was trading at $0.1985, up 3.14%. The cryptocurrency has dropped 36% year-to-date.