The recent surge in Dogecoin's value has led to a firm support level at $0.2 after a significant increase of 20% over the past week.

Amidst positive market sentiment towards the leading meme coin, the emergence of a new ICO called Dogecoin20 has caused a stir by raising over $10 million within a week. There is speculation surrounding whether Dogecoin20 might be the next meme coin to experience explosive growth.

Traders believe that Dogecoin is on track for a parabolic run in the near future, as its price fluctuates between $0.2 and $0.22.

Analysts point out that Dogecoin's performance in March and its monthly close at $0.218 indicate a bullish trajectory ahead, with potential movement towards $0.3.

Renowned market commentator Rekt Capital highlighted the significance of Dogecoin's monthly close above $0.2, suggesting a potential uptick towards $0.3.

On a technical basis, Ali Martinez (known as Ali_Charts) expressed optimism in Dogecoin's future performance, calling it the most important meme cryptocurrency in the market. Martinez hinted at a potential massive parabolic bull run for Dogecoin, comparing its current pattern to that of 2018-2021.

Despite the lack of explicit price targets, Martinez's chart analysis implied a substantial increase in Dogecoin's value, possibly reaching $12. This would signify a 5,900% surge from its current price level.

The strong market support for Dogecoin is further evidenced by the remarkable performance of Dogecoin20, a related crypto project that garnered over $10 million in presale funds. Dogecoin20 introduces a Stake-to-Earn mechanism and aims to build off Dogecoin's legacy by capitalizing on new market dynamics.

With their capped token supply and the upcoming launch on Doge Day (4/20), Dogecoin20 is set to further capitalize on Dogecoin's popularity and build a strong market presence.