Dogecoin (DOGE) Leads the Meme Coin Pack After Strong Price Breakout

Among the many meme coins, the canine-themed Dogecoin DOGE $0.18 24h volatility: 5.1% Market cap: $27.07 B Vol. 24h: $1.05 B

Key Notes

Among the many meme coins, the canine-themed Dogecoin

DOGE$0.1824h volatility: 5.1% Market cap: $27.07 B Vol. 24h: $1.05 B is leading the pack after a strong price breakout. It has successfully climbed to $0.2058 following a 24-hour rally of 13.38%. At this point, the altcoin is aiming for the $0.30 mark, provided the bullish momentum continues.

Dogecoin taps from bitcoin bullish price correction

Flagship cryptocurrency Bitcoin

BTC$96 61124h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B recently hit a rebound, bagging the $100,000 price level and surpassing $103,000 over 24 hours. Other assets generally align with the BTC price rally based on their correlation with the coin.

While showing this correlation, Dogecoin’s price gain in the last 24 hours overlaps BTC’s daily percentage gain. The meme coin’s price and market cap have also jumped by 42% over the past month.

Prominent crypto analyst Ali Martinez has projected that DOGE could rebound to $0.30. The last time DOGE reached this level was back in early February.

This trendline has supported #Dogecoin $DOGE since October 2024. A dip to $0.14 could present a buying opportunity ahead of a potential rebound to $0.30.

Join me in this trade by signing up to @coinexcom using my referral link https://t.co/73n8mW9Y5p

— Ali (@ali_charts) May 7, 2025

Based on its current price, DOGE would need to climb another 57% to hit the projected $0.30 mark. If the rally continues, it could even go higher.

Amid the current breakout rally, DOGE momentum is also seen in other meme coins like TRUMP

TRUMP$12.8524h volatility: 0.3% Market cap: $2.57 B Vol. 24h: $951.17 M , Fartcoin

FARTCOIN$1.2024h volatility: 1.5% Market cap: $1.20 B Vol. 24h: $236.92 M , and Pepe

PEPE$0.00000924h volatility: 1.5% Market cap: $3.71 B Vol. 24h: $591.98 M . The trio has also recorded massive price gains after the crypto market rebound. TRUMP is up by 13.89% to $13.89, Fartcoin rallied by 30.29% to $1.285, and Pepe has seen a price surge of 46.93% to $0.0000132.

Before this rally, a few situations recently threatened the position of Dogecoin in the market, but it has managed to maintain its footing. A few weeks ago, there were rumors that Tesla was seeking a replacement for Elon Musk, popularly known as Doge father. Tesla’s board was concerned about Musk’s growing involvement with politics.

The company later denied the rumors about Musk’s replacement. Amidst this back and forth, DOGE price stayed afloat, instead bagging some gains. This positive sentiment continues, birthing the current price outlook of the memecoin.

The bitcoin reserve catalyst

The present crypto market sentiment shows improved investors’ confidence. Bitcoin’s rally may have come from the news that Arizona’s governor, Katie Hobbs, signed the “Bitcoin and Digital Assets Reserve Fund” bill into law. The HB 2749 bill establishes a strategic Bitcoin reserve in the region.

🇺🇸 U.S. STATE ARIZONA HAS SIGNED STRATEGIC BITCOIN RESERVE INTO LAW.

MORE RESERVES = MORE BUYING. BULLISH FOR THE MARKETS 🚀 pic.twitter.com/SihNixh3fi

— Ash Crypto (@ashcryptoreal) May 8, 2025

Notably, this makes Arizona the second state to take such a step after New Hampshire, thereby leading crypto-friendly trends nationally. The Grand Canyon state was the first in the US to advance Bitcoin reserve legislation through a committee. However, the legislation was vetoed, leading to some setbacks