Dogecoin, known as the biggest meme coin, reached $0.1283, its highest level since September 29. This rise indicates that Dogecoin has entered a bull market, rising 56% from its August low.

This rally process of Dogecoin attracted attention with its high transaction volumes. According to CoinGecko data, Dogecoin’s 24-hour trading volume exceeded $2.25 billion, marking the highest level in the last two weeks.

High trading volume usually indicates increased interest and demand in the market. This situation reveals that investors’ interest in meme coins has increased.

A similar trend occurred in the futures market. Dogecoin’s open positions exceeded $768 million, reaching its highest level since June 19. This increase in open interest is often considered an indicator of increased demand and expectations for the future performance of a cryptocurrency.

Dogecoin’s rise occurred in parallel with other meme coins. Bonk is up 14.2% over the past seven days, while other meme coins like Brett, Neiro, and Cat in a Dog’s World are up more than 20% in the same period.

Another important reason for this rally was the renewed interest in cryptocurrencies in general. Bitcoin broke through the key resistance point at $68,000 for the first time in weeks.

Spot Bitcoin ETFs also recorded inflows of $371 million on October 16, bringing the funds to a total net inflow of $19.7 billion since the beginning of the year. This increased interest of investors in Bitcoin caused the market to enter a more optimistic atmosphere in general and contributed to the rise of alternative cryptocurrencies such as Dogecoin.

Another reason for the increase in Dogecoin price was some speculation regarding Tesla’s Bitcoin holdings. Analysts suggested that Tesla could buy Dogecoin after moving $225 million worth of Bitcoin to unknown wallets.

Tesla CEO Elon Musk’s past support for Dogecoin strengthened this possibility. In light of these developments, Dogecoin has maintained its upward trend for the last three days and is trading at its highest level since September 30.

In terms of technical analysis, Dogecoin has the potential to form a “golden cross” formation by rising above the 50-day and 200-day Weighted Moving Average. In the past, Dogecoin gained over 53% when it formed this formation.

Additionally, Dogecoin breaking above the ascending trend line connecting the lowest levels since August is another factor that strengthens the possibility of the price rising further.

If further gains in Dogecoin price are to be confirmed, the token must surpass the key resistance point at $0.1318, the September 28 high. If this level is broken, the next target level will be $0.1440, the high seen on June 21.