Dogecoin [DOGE] emerged as a standout performer among memecoins this week, posting 10% gains alongside other OG memecoins. According to reports from AMBCrypto, Pepe [PEPE] led the sector with 19% gains, while Dogecoin and Shiba Inu [SHIB] both recorded 10% increases each. The memecoin sector's market capitalization grew by over 5.37% as total trading volume surged by 189% to approximately $4.14 billion.
Dogecoin's daily trading volume jumped by 3.5x to around $1.28 billion, making it one of the most actively traded tokens in the market. As reported by AMBCrypto, this volume surge was equivalent to more than half the weekly trading volume, indicating significant increased interest from traders. The memecoin's rally was partly attributed to risk-on sentiment globally, with the U.S. Treasury doubling its long-term bond buyback program, which injected liquidity into the market and weakened U.S. Dollar pegs.
Dogecoin gained access to the Paxos network used by PayPal and Venmo, potentially expanding its exposure to payment infrastructure already connected to these platforms. According to AMBCrypto, the memecoin recently broke a major trendline it had maintained since May and cleared a 4-hour trendline resistance. Funding rates turned green since August 5th, indicating that bulls have been paying premiums to maintain long positions, while the CVD showed over 132 million DOGE bought during a single 4-hour session.
DOGE Spot ETFs have remained inactive since a net outflow of $564K on August 13th, suggesting minimal institutional capital involvement. As reported by AMBCrypto, Dogecoin is currently trading above the $0.0750 level where it previously faced difficulties. The memecoin's ability to breach the next significant supply zone on charts will be crucial in determining the scale of its bullish momentum, with the current price action showing bullish momentum indicators.
