Dogecoin and other prominent memecoins registered double-digit gains over a 24-hour period, led by Pepe with a 19% increase, while Dogecoin and Shiba Inu each gained 10%. The broader memecoin sector's market capitalization grew by over 5.37%, accompanied by a 189% hike in total trading volume to approximately $4.14 billion.
Dogecoin's rally was supported by broader market dynamics as global risk-on sentiment improved following the U.S. Treasury's long-term bond buyback, which injected liquidity into the market and weakened U.S. dollar pegs. Daily token trading volume for Dogecoin jumped by 3.5 times to around $1.28 billion, matching more than half of its usual weekly trading sum.
In addition to market liquidity, Dogecoin gained access to the Paxos network utilized by PayPal and Venmo, potentially expanding its exposure to established payment infrastructure. However, institutional capital remained minimal, as DOGE spot ETFs recorded a net outflow of $564,000 on August 13th, leaving the price action largely driven by speculative traders.
On the charts, Dogecoin broke a major trendline held since May, cleared a 4-hour trendline resistance, and experienced a bullish moving average cross. Cumulative volume delta data showed more than 132 million DOGE bought during a single 4-hour session, while funding rates remained positive since August 5th, indicating that bulls have paid a premium to maintain long positions.
Dogecoin traded above the $0.0750 level, but analysts note it must breach the next significant supply zone to confirm a broader bullish market structure shift.
