News 
April 24, 2025 
3 min. 
Dogecoin price climbed by 2% over the past 24 hours, reaching approximately $0.1814 on Thursday during mid-North American trading hours. As one of the top-performing assets among the leading ten cryptocurrencies, the large-cap memecoin holds a fully diluted market value near $26.9 billion and records a daily average trading volume close to $1.5 billion.
Key Factors Behind Dogecoin’s Ongoing Surge
A sharp rise in Futures Open Interest (OI) has largely driven Dogecoin’s upward momentum. Over the past two weeks, OI surged from about $1.3 billion to nearly $2 billion, reflecting increased investor confidence. Additionally, heightened whale activity, including moves by asset managers like 21Shares to offer a spot DOGE ETF, has further energized the market.
The Dogecoin ecosystem continues to expand, backed by a passionate online community and strong support from tech billionaire Elon Musk. Meanwhile, Dogecoin’s core developers are actively working on a major network upgrade to enable DeFi capabilities, positioning the network to compete with top layer-one blockchains like Ethereum and Solana.
Dogecoin Price Outlook
As Bitcoin signals ongoing bullish strength, interest in memecoins like Dogecoin remains high. A wave of renewed FOMO-driven trading has pushed the DOGE price out of a multi-week downtrend.
On the daily chart, Dogecoin forms a bullish reversal setup, highlighted by an inverse head and shoulders pattern and a positive divergence in the Relative Strength Index (RSI). In addition, the Moving Average Convergence Divergence (MACD) indicator is on the verge of a bullish crossover, suggesting that buyers are taking control.
Given these technical indicators, Dogecoin looks well-positioned for further gains. The next target stands at around $0.23, with a potential rally toward $0.48 if the current momentum continues.
