Dogecoin Surges Past $0.22 Mark, Analysts Predict Bullish Future

According to CryptoPotato, Dogecoin ( DOGE ), the first meme coin in the crypto industry, experienced a significant resurgence last week when it crossed the $0.22 mark, a price not seen since November 2021. Data from CoinGecko reveals that DOGE's price has increased 22.3% weekly, and its trading volume has risen more than 50% to 3.17 billion. DOGE is currently trading at $0.20, with a market capitalization exceeding $30 billion, well above Cardano ( ADA ), making it the 8th largest cryptocurrency.

Popular analyst Alí Martinez stated that DOGE has been outshined by most of the new participants in the meme coin market, but it remains the "most important altcoin" in this sector. Martinez believes that from a technical perspective, DOGE seems to mirror the 2018-2021 pattern, suggesting it could be at the very beginning of a massive parabolic bull run.

DOGE remains one of the hottest meme coins following its bullish performance last week. Over $5 million worth of DOGE shorts have been liquidated in the past 24 hours alone. Additionally, data from IntotheBlock shows that nearly 90% of DOGE holders are in profit. Most analysts are picking DOGE back up and forecasting new short and long-term prices. Altcoin Sherpa predicts a 3X jump for DOGE in the next six months, while market intelligence platform Santiment suggests that DOGE is giving bullish signals after last week's performance. It appears that DOGE might make a comeback as major dormant whales wake up again and move DOGE back into circulation.