The cryptocurrency market is going through one of its most significant bull phases. The global crypto market cap breached the $4 trillion mark for the first time on Friday, July 18. Dogecoin (DOGE) is following the larger crypto market surge with double-digit gains across the board. The original memecoin has rallied 17.5% in the last 24 hours, 25.4% in the last week, 46.5% in the 14-day chart, and nearly 45% over the previous month. DOGE’s price has also risen by 101% since July 2024.
What’s Pushing Dogecoin’s Price? Can It Hit $0.35 Next?
DOGE’s rally comes amid a larger market upswing. The general bullishness has aided the memecoin in its massive turnaround. Bitcoin (BTC) hit a new all-time high of $122,834 on July 14. BTC’s climb to a new peak has instilled a new rejuvenated sentiment.
Today’s DOGE and the larger market rally could be attributed to the US House of Representatives passing the GENIUS, Clarity, and Anti-CBDCs Acts and bills. The move may have led to a spike in investor sentiment. People may be feeling bullish about the crypto landscape in the US, thereby increasing their exposure to digital assets.
Also Read: Worried About Your Dogecoin Holdings? Here’s What To Know
The market rally has also been propped up by constant ETF inflows. According to Farside Investors, BlackRock’s IBIT Bitcoin ETF purchased nearly half a billion dollars worth of BTC on July 17. The world’s largest asset manager seems to be going all in on crypto. The firm is also hoarding up on Ethereum for its ETH ETF.
If Dogecoin (DOGE) continues its current trajectory, it could very well hit the $0.35 mark over the coming weekend. While a continued rally is highly possible, the memecoin could face some resistance at the $0.25 level. DOGE had previously tested this price point in May of this year, without success. Breaching beyond the $0.25 level could propel the memecoin to a new multi-month high.
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