Popular dog-themed cryptocurrency Dogecoin DOGE/USD edged higher Wednesday

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, defying weakness in blue-chip cryptocurrencies.

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

DOGE’s surge contrasted with Bitcoin (BTC) and Ethereum (ETH), which struggled on broader market concerns about President Donald Trump’s new auto tariffs. While the apex cryptocurrency was up just 0.21%, its younger sibling, ETH, fell 0.95%.

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Widely followed cryptocurrency analyst Ali Martinez, drawing on inferences from the SuperTrend indicator, projected that DOGE could “enter a bullish phase” if it breaks $0.21.

The SuperTrend indicator is used to identify uptrends and downtrends in the market and potential entry and exit points.

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

“DOGE had a perfect multi-year support trendline retest. My first major target is $0.5 in Q2,” the analyst predicted.

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 rose above 1, indicating that a higher percentage of traders placed bullish bets on the memecoin.

Interest in the $30 billion-valued cryptocurrency has soared 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% over the last 24 hours, according to Benzinga Pro. YTD, the cryptocurrency had slid 36%.