DOGE Surges on Global Risk-On Sentiment, 10% Price Jump

Dogecoin [DOGE] has been on an impressive run, surging 10% in the last 24 hours. This price action is part of a broader trend among OG memecoins, with Pepe [PEPE] leading the pack at 19%, followed closely by Shiba Inu [SHIB] and DOGE.

The resurgence of risk-on sentiment globally has contributed to this uptick in prices, with the U.S. Treasury doubling its long-term bond buyback. This move injected liquidity into the market, weakening the US Dollar pegs and favoring base assets like DOGE.

Dogecoin's daily token trading volume has skyrocketed by 3.5x to around $1.28 billion, with more than half of this coming from a single session. The memecoin also recently gained access to the Paxos network used by PayPal and Venmo, potentially leading to increased exposure and adoption.

However, DOGE Spot ETFs have remained inactive since August 13th, suggesting that institutional capital is minimal. On the charts, Dogecoin has broken a major trendline it held since May and cleared a 4-hour trendline resistance, with traders continuing to buy.