On the 10th anniversary of DOGE's establishment, the price of Dogecoin broke through the $0.1 mark after 8 months, and rose by more than 15% in 24 hours.

Dogecoin, the number one meme coin, will celebrate its 10th anniversary on December 6. Dogecoin has come a long way since its launch in 2013. To celebrate this milestone, the Dogecoin community organized a party event in the virtual space.

Amidst all this, Dogecoin has seen a massive surge in price, breaking through the $0.08 resistance level and finally heading towards the $0.12 mark. At press time, Dogecoin is trading at $0.10 with a 24-hour trading volume of $2.4 billion. This marks a 15.53% increase in the past 24 hours and a 25.85% increase in the past 7 days.

Dogecoin Price Targets 10% Upside

Historically, Dogecoin prices have mostly plummeted between December 6 and 7. However, the current situation is different. The stunning rise in the value of Bitcoin has boosted the cryptocurrency market, and other altcoins have also risen along with the bull run.

Social trends play a significant role in the determination of DOGE price. The increasing social trends of Dogecoin also indicate that people may enter the market to make profits.

Dogecoin (DOGE) recently broke out of a megaphone chart pattern that was rising from the top, breaking through the important resistance level of $0.1 after 8 months. The previous resistance level now acts as support at $0.08, and the trading volume is huge, exceeding that of many other altcoins. It is worth noting that the 50-day moving average is located at $0.06, which is much lower than the current trading price.

The 14-day relative strength index (RSI) is 79, indicating overbought conditions, suggesting a potential correction is imminent. The current event-driven surge could lead to a subsequent recession as the impact of the event fades. Short sellers could enter the market, triggering selling pressure that could cause prices to fall below $0.09.

DOGE network activity surges

Dogecoin maintained its dominance in the large memecoin space, leading in month-on-month price performance in the fourth quarter of 2023. According to on-chain data tracker IntoTheBlock, the surge in DOGE’s daily transaction volume has served as a key catalyst for the latest price increase.

While a sharp drop in DOGE transactions from 1.7 million to 525,830 between November 28 and December 2 sparked concerns of an impending price correction, the Dogecoin network has experienced a remarkable recovery amid the broader cryptocurrency market rally this week.

Following a brief dip to 525,830 transactions on December 2, DOGE transaction volume surged nearly 300% to surpass the 1.46 million mark on December 4. The increase in activity highlights Dogecoin’s resilience and its ability to bounce back based on market dynamics.