After a long-awaited development, the price of DOGE surpassed the $0.1 level. Even without the support of Elon Musk, the king of meme coins traded above $0.1 at the time of writing, securing double-digit daily gains. So, what comes next?
The primary reason behind the surge in DOGE’s price was the momentum gained by Bitcoin‘s price rally over the weeks. In fact, high-risk assets like LUNC, UST, and PEPE also saw significant gains. It was thought that this situation could bring liquidity to rival cryptocurrencies like DOGE and Shiba, and indeed, while popular altcoins were stagnant, high-risk cryptos experienced speculative increases.
The first crossing of the $0.1 mark by DOGE’s price since April invigorated the demand in the futures market as well. According to Coinglass data, the open interest for DOGE increased by 58% in the past week, reaching a position of $625 million, supporting a further rise in DOGE price.
The peak in open positions on November 2, 2022, and the price surpassing $0.1, indicates that the rally could progress to new heights. Investors who believe that DOGE’s price will rise faster compared to Bitcoin are starting to shift their focus to DOGE by taking higher risks during the uptrend.
While DOGE has not yet achieved the desired gains against BTC, its growth potential is greater. DOGE is still at bear market levels in its BTC pairing, and a movement here could result in a surprise rally above $0.15, potentially reaching $0.3—a 300% increase. However, due to the rapid rise in Bitcoin’s price and the expected corrective movement not yet occurring, investors should be cautious of possible sudden profit-taking.