The cryptocurrency DOGE has shown significant growth in its weekly price, standing out as one of the top performers in the market as cryptocurrency gains traction once again. Being the first meme coin in the crypto industry, Dogecoin (DOGE) experienced a substantial resurgence by surpassing the $0.22 mark last week, a price level not seen since November 2021.

DOGE Showing Strength

Recent data from CoinGecko indicates that DOGE’s price surged by 22.3% in a week and its trading volume spiked by over 50% to reach $3.17 billion, capturing considerable interest. Currently, DOGE is being traded at $0.20 and its market cap exceeded $30 billion during this period, positioning itself above Cardano (ADA) and ranking as the 8th largest cryptocurrency.

Renowned analyst Ali Martinez suggested that DOGE may be overlooked compared to other meme coins by new market participants; however, it remains a significant project in the altcoin domain. He mentioned that DOGE might follow a similar pattern to its 2018-2021 trajectory, indicating the potential for a major bullish trend.

Promising Outlook for DOGE

DOGE has maintained its status as a prominent meme coin project following its recent price surge, with over $5 million in DOGE short positions liquidated within 24 hours in the futures market. Data from IntotheBlock revealed that approximately 90% of DOGE holders are currently profiting from their investment.

Several analysts have expressed positive sentiment towards DOGE’s future price movements, foreseeing potential short and long-term targets. Alongside Ali’s optimistic forecast, Altcoin Sherpa predicts a significant increase of three times in DOGE’s value over the next six months.

Market analysis platform Santiment highlighted bullish indicators for DOGE post its recent performance, suggesting a potential comeback driven by the participation of dormant whales and reintroduction of DOGE into circulation. Additionally, any involvement from Elon Musk in the current period could further propel DOGE’s price upwards.