Dogecoin (DOGE), the oldest meme coin backed by tech billionaire Elon Musk and secured through the legendary proof-of-work (PoW) consensus method, has predicted a possible bull market in 2021. Following last week’s 80% breakout rally, DOGE price has officially begun its 2024 rally. Moreover, meme coin season is upon us and small-cap memes like Floki, Pepe, Dogwifhat, etc. have made a huge comeback over the past few weeks.
According to the latest market data, Dogecoin’s fully diluted value was approximately $24 billion, with average daily trading volume of approximately $3.5 billion.
Why is Dogecoin the King of Meme Coins?
Although Dogecoin has infinite supply, the PoW consensus method makes DOGE more secure and resilient than any other meme coin in the cryptocurrency industry. As of block 5,121,016, the total hash rate of the Dogecoin network is approximately 1 PH/s and the mining difficulty is approximately 15.73 million.
The Dogecoin network boasts nearly 300 million on-chain transactions and over 7.2 million non-zero addresses.
Interestingly, Musk demonstrated his commitment to Dogecoin by launching the Doge-1 mission to the moon and paying it entirely in DOGE, making it the first cryptocurrency in space.
Martinez Takes Governor Price Action
According to renowned cryptocurrency analyst Ali Martinez, DOGE price closely mirrors the bull rallies in 2021 and 2017. Accordingly, cryptocurrency analysts expect the DOGE price to reach a psychological resistance level of around $1 by mid-April.
The bullish stance was strengthened by the fact that on a weekly basis DOGE/USD closed above the 200 moving average (MA). Additionally, the weekly relative strength index (RSI) has been rising above the 70 level for the first time in over two years over the past two weeks, indicating that the bullish trend is under control.
Nonetheless, DOGE price should close above the resistance/support level of around 15 cents over the next few weeks to ensure strong bullish momentum.