Dogecoin (DOGE) Has Seen a Significant Rally Today

Dogecoin (DOGE) performed strongly on Wednesday, continuing the May rally. The token rose to $0.2375, up 8% in the last 24 hours.

Dogecoin (CRYPTO: DOGE) price was up 8% over 24 hours and was trading at $0.2375 at the time of writing. The world’s 12th largest cryptocurrency was continuing to rally in May.

Here’s a look at what happened and what’s next.

What Happened: Dogecoin was able to trade higher and break out of an ascending channel on Wednesday. The technical breakout could be a driver for traders to continue buying the cryptocurrency.

The crypto had been forming a bullish flag pattern, which is when a price increases sharply, then trades in a period of consolidation near the new high.

A potential driver of the bullish momentum could be whale activity. Addresses holding between 1 million and 10 million DOGE had a balance of 10.56 billion tokens on May 20, up from 10.48 billion on May 10.

Related Link: Bitcoin Reaches New All-Time High, Is Altcoin Season Next?

What Next: Dogecoin’s gains come as Bitcoin (CRYPTO: BTC) hit a new all-time high of $109,487. Several other altcoins have traded sharply higher.

Dogecoin is up 43.96% in the last 30 days. Most of the gains came between May 7 and May 11.

Bitcoin continues to hold the majority of investor interest. The “altcoin season” index remains at just 26 out of 100. This indicates that Bitcoin outperformed nearly three-quarters of the top 100 altcoins over the last 90 days.

The majority of the top 100 altcoins are still in the red over the last 90 days. This includes major tokens like Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), Shiba Inu (CRYPTO: SHIB) and Dogecoin. Dogecoin is still down 8.31% over the last three months.

But momentum for altcoins appears to be growing. The total altcoin market cap is at $1.27 trillion, up from $1.07 trillion at the start of May.