Dogecoin (DOGE) has seen an 8% price increase over the past three days, reaching its highest level since January 21.

The OG meme cryptocurrency continues to see support from the retail community as traders look to capitalize on the market’s bullish momentum.

However, another new meme coin, Sponge V2 (SPONGEV2), is also gaining traction and could be poised for a major breakout if its current trajectory can be sustained.

Dogecoin Charges Towards $1 Milestone as Demand Keeps Climbing

Dogecoin’s rise since Tuesday has propelled the coin’s value to $0.085, inching it ever closer to the elusive $1 mark that has long been a goal for meme coin investors.

Spot trading volumes hit $500 million over the last 24 hours, according to CoinMarketCap, indicating strong interest in DOGE at current levels.

Data from on-chain analytics firm IntoTheBlock reveals that 64% of DOGE holders are currently in profit, given the recent uptick.

This suggests the rally may have some legs if earlier buyers continue holding out for more gains.

Additionally, there has been a spike in transactions worth over $100,000 in the past four days – with activity like this usually preceding major price movements.

With strong technical and on-chain signals backing its advance, Dogecoin seems poised to continue its current run.

However, some analysts caution that the meme coin could face resistance around the $0.090 level, where price struggled in January.

Meme Coin Market Surges Past $22bn But Shows Signs of Cooling Off

While Dogecoin has been capturing most of the recent headlines, the meme coin sector as a whole has been on a tear in the past week.

According to CoinMarketCap, the total market cap for meme tokens has grown to $22.6 billion.

Nearly all major meme coins, including Shiba Inu (SHIB) and Bonk (BONK), have posted gains over the previous seven days, benefiting from the reinvigorated hype in the broader crypto market.

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