Dogecoin Breaks Into Top-8 as Meme Coin Overtakes Tron Amid Price Surge
Dogecoin (DOGE) has now officially cracked the top 8 cryptocurrencies in terms of market capitalization, pushing Tron (TRX) out and securing its place among the most valuable digital assets worldwide.
In spite of constant criticism for being a meme token with very little fundamental application, Dogecoin continues to show resilience and investor trust. This achievement attests to its durability in a market that has otherwise been stale for altcoins over the past few weeks.
DOGE Rallies Amid Market Stagnation
While most altcoins have found it difficult to break out, Dogecoin has consolidated very strongly around the $0.155 mark, with some slight signs of upside momentum. Although still in a larger downtrend since February, DOGE's recent market action suggests a possible accumulation phase.
Major levels of resistance are the 26 EMA and the 50 EMA, with the 100 EMA higher in the way. The Relative Strength Index (RSI) is at approximately 44, indicating that the asset is neither oversold nor overbought—meaning there is potential for it to move upwards.
Accumulation Suggests Breakout Potential
DOGE is now developing a minor uptrend pattern close to its $0.15 support, suggesting a potential breakout. Experts predict that recapturing the $0.17 level—which coincides with historical consolidation and the 50 EMA—would be a sign of bullish momentum.
A breakout above that would set the stage for an aggressive rally to $0.20 and potentially $0.23, where deeper resistance at the 100 EMA is.
Even with relatively weak trading volume, transaction activity for Dogecoin is high when compared to most altcoins. This is a good sign for traders keeping an eye out for activity in the meme coin space.
Also Read: Bitcoin Surges Past $87,000, Gains Over 16% Since April Low
Market Situation and Expectations
The advance by Dogecoin occurs against the backdrop of a bearish macro environment that remains downdraft pressure on the overall cryptocurrency space. However, with Bitcoin surging back above $87,000, better sentiment within the overall market might bleed over into meme coins such as DOGE.
Although risks are high, Dogecoin's re-emergence among the top-8 cryptos is symbolic more than anything else—it demonstrates sustained investor faith in its community strength, speculative value, and long-term significance.
