Meme Coin Momentum: Dogecoin Surges Amid Rising Risk-On Sentiment

Dogecoin has been on a tear for the second consecutive day, trading at $0.078 as of Thursday's writing.

The meme coin is up over 3% in a single day, reflecting a positive market sentiment fueled by Bitcoin's rally above $70,000 and Ethereum climbing above $2,200.

Rising risk-on sentiment could boost Dogecoin's outlook if the Crypto Fear & Greed Index holds its current position at 62, up from 46 the previous day.

The index is currently in the Greed territory, suggesting investors are increasingly exposed to the meme coin.

Futures open interest has climbed to 17.21 billion DOGE on Thursday, up from 16.87 billion DOGE the previous day, lending support to the positive weighted funding rates.