DOGE Rallies as Memecoin Season Shows Signs of Rebound

Dogecoin has seen an 8% price increase over the past week, making it one of the strongest meme tokens on the market. According to data from CoinMarketCap, DOGE is currently trading at $0.08974, with a total market value of around $15.39 billion and a 24-hour trading volume near $904.6 million.

This recent price action has been driven in part by Dogecoin's ability to hold key support levels, with the token testing and rebounding from the 0.618 Fibonacci level at around $0.081. Trader Tardigrade noted that this level had been tested several times before DOGE broke above it.

However, while Dogecoin is showing signs of life, the wider memecoin market remains relatively weak. Memecoin dominance as a share of the total altcoin market cap is at an all-time low, according to Darkfost, and many meme tokens are still trading below their previous highs.