DOGE sees 9% spike in memecoin rally revival
January 2, 2026
Dogecoin (DOGEUSD) experienced a surge of 9.22% in its price in the last 24 hours, surpassing other cryptocurrencies and memecoins in the market due to improved sentiment. This rally was driven by factors such as sector rotation among memecoins, technical triggers, and retail fear of missing out, although lacking strong fundamental support.
At the time of writing, DOGE was trading at $0.1317 with a market capitalization of $22.14 billion. Unlike previous rallies, this surge was primarily fueled by spot activity rather than derivatives, indicating a more stable and sustainable movement. The current resistance level stands at $0.1350, and if the price holds above this mark, it could potentially reach $0.1450. This technical breakout signals the first significant rebound for DOGE in 2026.
The surge in price was accompanied by a notable increase in trading volume, with Dogecoin trading volume rising by 75% to $2.13 billion over the past 24 hours across various cryptocurrency exchanges. The market observed substantial whale accumulation as 13.58 billion DOGE, valued at $1.8 billion, were transferred to futures contracts on January 1. Additionally, Buenos Aires enabled DOGE payments for city taxes, adding utility to the coin.
Dogecoin has established itself as a leading memecoin, benefiting from its “blue-chip” status during sector rotations. However, the inflow into Dogecoin ETFs has been relatively modest, with only $2.16 million in flows following its launch in November 2025. While retail traders are currently driving short-term momentum, institutional adoption remains cautious.
Open interest in DOGE increased by 4.5% to $1.71 billion as traders anticipated upward movement, with $1.6 billion in spot volume. The rise in open interest along with price gains suggests that new capital is entering long positions rather than short squeezes. While this influx of funds could potentially drive prices higher, excessive leverage poses a risk of amplifying downside if market sentiment shifts.
Currently trading around $0.1315, DOGE is at a crucial psychological and technical support level where historical price stabilization has occurred. Despite the cautious momentum in meme-coin inflows, holding this level could allow DOGE to consolidate and retest higher resistance levels if broader market sentiment improves. Traders are monitoring a breakout above $0.13 to confirm the upward momentum of DOGE.
Overall, the recent spike in Dogecoin’s price reflects a combination of market dynamics and sentiment, signaling both short-term opportunities and long-term caution in the cryptocurrency space.
