Dogecoin (DOGE) has experienced a remarkable surge in both price and large holder netflows recently. In the past seven days, DOGE has seen a 29% increase in price, while netflows from major players have skyrocketed by an astonishing 1,856%. This surge in netflows indicates a positive sentiment surrounding the cryptocurrency and has allowed Dogecoin to outperform many other top cryptocurrencies in terms of weekly gains.
The surge in Dogecoin’s popularity can be attributed to a resurgence in meme coin discussions, which reached a five-month high. Furthermore, Tesla CEO Elon Musk added to the hype when he tweeted about DOGE, stating that “D.O.G.E will fix it” in response to news about SpaceX.
Despite facing some profit-taking, with a 1.45% decrease in the last 24 hours, DOGE is still performing well. It has managed to establish key support levels, such as the 50-week and 100-week simple moving averages (SMAs) around $0.1196 and $0.970, respectively.
Looking ahead, the next target price for Dogecoin could be $0.17, followed by $0.19. In case of profit-taking, the daily moving average of 50, currently at $0.108, is expected to provide significant support.
With a market cap of $20.83 billion, Dogecoin currently holds the eighth position among the biggest digital assets. Originally created as a joke, DOGE has evolved into a serious cryptocurrency, gaining attention and popularity during the recent crypto boom between 2020 and 2021.