Dogecoin (DOGE) had a 29% surge over the past week. Its current price stands at $0.0708, solidifying its position as one of the top-performing coins in the top 10 by market capitalization.
Some skeptics have doubted the staying power of DOGE’s recent gains. However, a notable analyst, Rekt Capital, sees the recent price spikes as a “moment of truth” for the meme-inspired cryptocurrency.
In a tweet, Rekt Capital highlighted the FOMO-driven price spikes in DOGE’s chart, suggesting that more capital inflows could be on the horizon in the days to come.
The analyst also pointed out that a weekly close above the $0.07163 level would be a strong indication of a major breakout for Dogecoin.
What’s noteworthy about this recent DOGE rally is that it occurred without the influence of Tesla CEO Elon Musk, who has been one of the coin’s most vocal supporters.
Instead, it seems that buyers have been drawn in by the broader cryptocurrency market’s recovery, which has generated enthusiasm following an extended bearish period.
Previous periods of decline and underperformance also seem to have provided the catalyst for investors to enter new positions in Dogecoin.
The meme coin spent much of 2022 trading sideways. Now, buyers appear ready to make Dogecoin stand out once again among alternative cryptocurrencies.
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