The Dogecoin price refuses to stop anytime soon, as the world’s largest meme coin has surged another 9%, reaching $0.2832, with its market cap soaring to $42.7 billion. The latest rally comes on the heels of the Rex-Osprey DOGE ETF, and bullish sentiment surrounding it. Market analysts believe that a major parabolic rally for the meme coin is coming soon.
With 31% gains on the weekly chart, Dogecoin is dominating the broader crypto market rally, with daily trading volumes soaring all the way to $5.23 billion. Furthermore, the Coinglass data shows that the DOGE futures open interest has surged by 24% to nearly $6 billion, suggesting strong investor sentiment.
The near-term as well as the long-term sentiment for DOGE remains bullish. Popular crypto analyst Trader Tardigrade highlights a potential bullish setup for Dogecoin price on the weekly chart.
According to the analyst, whenever the Bollinger Band Width hits the current orange level, DOGE has historically surged between 100% and 378%. Based on this pattern, the analyst projects a possible price target between $0.41 and $0.97.
On a multi-year chart, DOGE is showing the perfect setup of trend reversal from the bottom in the upward trending channel. As shown in the image below, the Dogeocin price is showing signs of a breakout from the shaded green region.
The analyst believes that DOGE is set for a parabolic rally all the way to $6, similar to the 2017 and 2021 bull runs. For now, investors are expecting an immediate DOGE rally to $1.
Earlier this week, CleanCore Solutions announced that its Official Dogecoin Treasury has surpassed 500 million DOGE, valued at around $0.30 per token, reaching the halfway point toward its goal of accumulating 1 billion DOGE within 30 days.
The initiative marks one of the most aggressive institutional accumulation efforts in the Dogecoin ecosystem. CleanCore’s latest purchase follows an initial acquisition of 285 million DOGE, executed under its corporate division, House of Doge. Custody of the holdings is managed via Bitstamp, with additional custodial support provided by Robinhood.
Read original story Dogecoin Price Eyes Rally to $6 Amid Strong Treasury Demand by Bhushan Akolkar at Coinspeaker.com