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Dogecoin's price has surged to its highest monthly level, sparking a wave of trader activity. Shiba Inu and Floki follow suit with significant gains.
Dogecoin's Price Surge Acts as a Catalyst for Other Cryptocurrencies"
As Dogecoin's price "breaks out," hitting its greatest monthly level on July 20, traders are increasing their positions in the cryptocurrency. On the other hand, not everyone is sure that the bullish trend has been confirmed just yet.
"DOGE is breaking out and looks primed for an aggressive up move," observed crypto trader Shelby, who goes by a pseudonym, in a 17 July X post.
Shiba Inu and Floki's Price Increases Alongside DOGE's Bullish Trend
They restated the idea that Doge's price surge has served as "a catalyst" for other cryptocurrencies to follow suit, citing the 37% and 3.89% increases in value of Floki (FLOKI) and Shiba Inu, respectively, as evidence from data compiled by CoinMarketCap.
As for Dogecoin, the "nice base break" on its price has led crypto trading accounts Cheds and CryptoBoss to claim that it is "breaking out." With an increase of 18.82% in the last seven days, DOGE is now trading at $0.1336, a new high.
But anonymous cryptocurrency trader Magnate cautioned their followers, saying, "do not FOMO here, pullback offers a lower price." About $47.23 worth of long bets will be liquidated if the price drops 10.6% to $0.1194, which was the level just seven days ago.
With a 19% increase to $647.19 million in just four days, Dogecoin hit its greatest Open Interest (OI) level for the month of July, according to statistics from CoinGlass. OI is a measure of the total value of all outstanding or "unsettled" Bitcoin futures contracts across exchanges.
On the other hand, the Crypto Fear and Greed Index shows that market mood is generally improving.
Market Sentiment Improves as DOGE Hits New Highs
With a "Greed" score of 74, up 41 points from last week's "extreme fear" score of 33, the indicator analyzes market sentiment toward Bitcoin and crypto.
This price increase is a direct result of all the talk lately regarding Dogecoin's potential to repeat its record-breaking performance from May 2021, when it reached $0.73, a full year after the last Bitcoin halving.
On May 8, 2021, one year following the Bitcoin halving in 2020, the price of Dogecoin reached a record high of $0.73.
The price of Dogecoin would hit a new record high in April 2025 if the current trend continues. Memecoins' value is very speculative, making it difficult to apply technical analysis to them.
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