Dogecoin 
DOGEUSDthe largest memecoin by market capitalization, is leading the memecoin rally just days before the inauguration of US President-elect Donald Trump.
Currently trading at $0.40549, DOGE reached its highest value since mid-December 2024, marking a 10% rise over the past 24 hours and 22% over the past week.
Let’s take a closer look at the factors driving the price of DOGE today.
DOGE Rises Alongside Other Memecoins
The bullish sentiment wasn’t just exclusive to Dogecoin, as cryptocurrency prices also rose across the memecoin sector, following Bitcoin’s rally above $100,000.
Shiba Inu 
SHIBUSDthe second largest memecoin by market capitalization, followed in DOGE’s footsteps and surged 9.5% in the last 24 hours to trade at $0.00002418. Pepe 
PEPEUSDthe Ethereum-based memecoin, rose over 5.5% in the past 24 hours to trade at $0.00001944.
Other high-end memecoins, including Solana-based Bonk (BONK) and Dogwifhat (WIF), also saw significant gains over the past 24 hours. Fartcoin (FARTCOIN) saw the highest daily gains among large-cap memecoins, rising 17% over the past 24 hours to trade at $1.45.
Likewise, the total memecoin market cap increased by 8.6% in the last 24 hours and by 22% in seven days, to $115 billion at press time.
Memecoin’s January 17 price rise was preceded by an increase in open interest (OI), with Fartcoin leading the way, increasing OI by 30% over the past 24 hours.
Open interest refers to the total amount of pending derivative contracts that have not yet settled. In a futures contract, for each seller, a buyer is obligated to settle the contract.
DOGE saw its OI jump more than 9% in an hour and 22% on the day to reach an all-time high of $5.4 billion, roughly 10 times PEPE’s $547 million OI, which had increased by 14% during the same period.
Increasing OI for memecoins generally indicates bullish momentum in the market as leveraged traders open more positions, anticipating the trend to continue.
Note that the last time Dogecoin saw such an increase in OI was in December 2024, when the price reached a four-year high of $0.48.
DOGE Bull Flag Points to New All-Time Highs
Meanwhile, DOGE price technical data shows the formation of a bullish flag pattern on the weekly time frame, as shown below.
A bull flag is a bullish continuation pattern that forms after price consolidates in a descending range following a strong price rally.
The trend resolved after the price broke above the flag’s upper trend line at $0.39 on January 17. If DOGE produces a close above this level, it could rise as much as the previous uptrend height toward the flag’s technical target at $1.75. , marking new all-time highs for memecoin.
DOGE’s daily Relative Strength Index is still below the overbought threshold (70) at 65. This suggests that the chances of a move higher are high as momentum increases.
Crypto analyst Wealthybrains.sol made similar observations on DOGE’s price action since mid-December 2024.
After reaching a local high of 0.50, DOGE “retested the breakout at 0.30,” he said in a January 17 article on X.
“Now ready for the next step up to $1.”
DOGE “shows bullish outlook with key support around $0.35,” Gemxbt said, adding:
“The RSI and MACD suggest bullish momentum, and increasing volume confirms this trend.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.