By Chris Hollingworth 
Dogecoin (DOGE) saw a significant 7% price surge within 24 hours, reaching $0.181 on March 25, with an intraday peak of $0.189, marking its highest level in nearly two weeks as shown on the DOGE/USD four-hour price chart sourced from TradingView.
Several key factors contributed to the rise in DOGE prices:
- The Dogecoin Foundation’s DOGE reserve initiative
- Improving risk appetite due to easing trade war concerns
- A classic flag pattern observed on the DOGE price chart
The Dogecoin Foundation recently initiated the Official Dogecoin Reserve to enhance the stability and credibility of the memecoin, coinciding with a purchase of 10 million DOGE valued at approximately $1.80 million.
Signs of institutional interest in the memecoin sector have been on the rise, particularly in anticipation of potential Dogecoin ETF launches in the US. As of March 25, Polymarket indicated a 72% likelihood of a Dogecoin ETF launch by the end of the year, up from 27% at the beginning of the year.
Amid a broader altcoin market rally fueled by reduced trade war tensions, Dogecoin’s gains are part of a trend where altcoins are outperforming Bitcoin. The total altcoin market capitalization (TOTAL2) rose by 1.60% to reach $1.08 trillion on March 25, while Bitcoin’s market cap decreased by 0.61% during the same period.
Investors have been moving capital from Bitcoin to altcoins like Dogecoin, driven by improving macro sentiment and a preference for higher-risk assets. This shift has been visible in the Dogecoin Futures market, with rising open interest (OI) and funding rates suggesting growing demand for leveraged long positions.
Despite the positive momentum, Dogecoin’s price action is currently forming a bear flag pattern, indicating a potential downside bias if the price breaks below the lower trendline of the pattern in the near future.
Overall, the combination of macroeconomic optimism, DOGE-specific developments, and technical patterns has contributed to the recent upswing in Dogecoin prices, highlighting the dynamic nature of the cryptocurrency market.
