Dogecoin Climbs 6.2% as Market Rotates Out of XRP; Volume Hits 1.22B
Summary:
Dogecoin posted notable gains on Wednesday, rallying 6.2% amid a broader memecoin resurgence and visible capital rotation from XRP. The move was backed by a sharp increase in trading volume, pushing DOGE into the top 8 cryptocurrencies by market capitalization.
Key Metrics:
- Price Action: DOGE rose from $0.197 to $0.209 between July 16 (05:00) and July 17 (04:00), reaching an intraday high of $0.22 before retracing.
- Volume Surge: Trading spiked to 1.22 billion tokens at 21:00 — nearly 3x the daily average of 490 million.
- Market Cap Shift: DOGE overtook TRX with a market capitalization of $30 billion, becoming the 8th largest cryptocurrency.
- Final Hour Activity: DOGE gained 0.96% from $0.207 to $0.209, as volume surged to 19 million tokens at 04:32, signaling possible institutional accumulation.
Market Context: Whale Rotation and Renewed Interest in Memecoins
The surge comes as investors rotate capital away from XRP following its ETF-led rally, with Dogecoin emerging as a prime short-term beneficiary. Traders cite DOGE’s liquidity, established volatility structure, and viral appeal as key drivers of renewed institutional interest.
Price Levels to Watch:
- Range: $0.197 → $0.220 (11.68% swing)
- Support: $0.207–$0.208 held firm throughout the session
- Resistance: Heavy selling pressure emerged at $0.22, with multiple rejections
- Pivot Zone: $0.21–$0.212 is acting as a key intraday decision area
Technical Analysis:
- Breakout above $0.201 confirmed with high volume
- $0.22 remains the near-term ceiling with signs of exhaustion
- RSI at 69 suggests further upside is possible, though momentum may slow
- Sustained trading above the $0.21 range would strengthen the bullish outlook
- Volume clusters between 14:00 and 21:00 imply significant buying interest
Looking Ahead:
- A confirmed breakout above $0.22 could target $0.24–$0.25
- Failure to hold $0.207 may open downside toward $0.199
- Traders are closely watching volume trends to validate sustained upside
- Continued ETF-driven outflows from XRP may benefit DOGE in the short term
Conclusion:
Dogecoin’s rally appears more than just speculative. Backed by meaningful volume, strong technical support, and rotation from larger-cap tokens, DOGE has reentered focus. If buying pressure persists above the $0.21 pivot, bulls may test higher resistance levels in the coming sessions.
