DOGE Soars on Memecoin Rally and Paxos Network Access
Dogecoin (DOGE) has seen a significant surge in price and trading volume over the past 24 hours, rising by 10% to $0.078. This move comes as part of a broader memecoin rally that has pushed PEPE up 19% and Shiba Inu up 10%. The total market cap of the memecoin sector grew by over 5.37%, with trading volume jumping 189% to around $4.14 billion.
The increase in DOGE's price is also attributed to a U.S. Treasury decision to double its long-term bond buyback, which has injected liquidity into markets and weakened the dollar. This has boosted dollar-denominated assets like DOGE. The crypto Fear & Greed Index climbed from 46 to 62, placing it firmly in 'Greed' territory.
DOGE's access to the Paxos network, used by PayPal and Venmo, could increase its exposure to millions of existing users on those platforms. However, despite this, DOGE Spot ETFs have seen no inflows since a net outflow of $564K on August 13, indicating limited institutional participation.
Analyst chad notes that every bounce during the current downtrend has been rejected at the resistance band, and the key question is whether price can break and hold above this level. According to him, a confirmed break could signal a trend change.