As the most prominent memecoin, Dogecoin (DOGE) plays a significant role in setting trends within the memecoin market. Its performance is closely linked to that of other major memecoins.
Recent on-chain metrics have suggested a bullish trend for DOGE investors. Despite a 39.4% drop in the memecoin market cap since December, DOGE shows signs of accumulation rather than selling.
With key support levels at around 0.28 USD, 0.27 USD, and 0.26 USD, DOGE could experience a price recovery. The order data reflects a buyer’s market, indicating a potential short-term bullish reversal.