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Key Notes
- Bitcoin price correction has likely led to the bullish trajectory for Dogecoin and meme coin rallies.
- DOGE remains unfazed by the news of Elon Musk’s replacement at Tesla.
- Bitcoin is inching closer to hitting a new ATH, setting the pace for other volatile assets.
Among the many meme coins, the canine-themed Dogecoin DOGE $0.18 24h volatility: 5.1% Market cap: $27.07 B Vol. 24h: $1.05 B is leading the pack after a strong price breakout. It has successfully climbed to $0.2058 following a 24-hour rally of 13.38%. At this point, the altcoin is aiming for the $0.30 mark, provided the bullish momentum continues.
Dogecoin taps from bitcoin bullish price correction
Flagship cryptocurrency Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B recently hit a rebound, bagging the $100,000 price level and surpassing $103,000 over 24 hours. Other assets generally align with the BTC price rally based on their correlation with the coin.
While showing this correlation, Dogecoin’s price gain in the last 24 hours far outweighs BTC’s daily percentage gain. The meme coin’s price and market cap have also jumped by 42% over the past month.
Prominent crypto analyst Ali Martinez has projected that DOGE could rebound to $0.30. The last time DOGE reached this level was back in early February.
This trendline has supported #Dogecoin $DOGE since October 2024. A dip to $0.14 could present a buying opportunity ahead of a potential rebound to $0.30.
Join me in this trade by signing up to @coinexcom using my referral link https://t.co/73n8mW9Y5p pic.twitter.com/lD9kr4BJOL
— Ali (@ali_charts) May 7, 2025
Based on its current price, DOGE would need to climb another 57% to hit the projected $0.30 mark. If the rally continues, it could even go higher.
Amid the current breakout rally, DOGE momentum is also seen in other meme coins like TRUMP TRUMP $12.85 24h volatility: 0.3% Market cap: $2.57 B Vol. 24h: $951.17 M , Fartcoin FARTCOIN $1.20 24h volatility: 1.5% Market cap: $1.20 B Vol. 24h: $236.92 M , and Pepe PEPE $0.000009 24h volatility: 1.5% Market cap: $3.71 B Vol. 24h: $591.98 M . The trio has also recorded massive price gains after the crypto market rebound. TRUMP is up by 13.89% to $13.89, Fartcoin rallied by 30.29% to $1.285, and Pepe has seen a price surge of 46.93% to $0.0000132.
Before this rally, a few situations recently threatened the position of Dogecoin in the market, but it has managed to maintain its footing. A few weeks ago, there were rumors that Tesla was seeking a replacement for Elon Musk, popularly known as Doge father. Tesla’s board was concerned about Musk’s growing involvement with politics.
The company later denied the rumors about Musk’s replacement. Amidst this back and forth, DOGE price stayed afloat, instead bagging some gains. This positive sentiment continued, birthing the current price outlook of the memecoin.
The bitcoin reserve catalyst
The present crypto market sentiment shows improved investors’ confidence. Bitcoin’s rally may have come from the news that Arizona’s governor, Katie Hobbs, signed the “Bitcoin and Digital Assets Reserve Fund” bill into law. The HB 2749 bill establishes a strategic Bitcoin reserve in the region.
🇺🇸 U.S. STATE ARIZONA HAS SIGNED STRATEGIC BITCOIN RESERVE INTO LAW.
MORE RESERVES = MORE BUYING.
BULLISH FOR THE MARKETS 🚀 pic.twitter.com/SihNixh3fi
— Ash Crypto (@Ashcryptoreal) May 8, 2025
Notably, this makes Arizona the second state to take such a step after New Hampshire, thereby leading crypto-friendly trends nationally. The Grand Canyon state was the first in the US to advance Bitcoin reserve legislation through a committee. However, the legislation was vetoed, leading to some setbacks that delayed the bill until May 7, when it was eventually passed.
The Bitcoin price rally may continue, bringing the firstborn coin closer to a new all-time high. If BTC reaches a new peak this season, other assets, including Dogecoin, may likely benefit.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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