Dogecoin (DOGE) Looks to Reclaim Eighth Place

Dogecoin (DOGE) is poised to regain the eighth position it lost to Cardano (ADA) after experiencing bullish volatility in the market. In the last 24 hours, DOGE has gained over 3% as it embarks on a rebound rally amid a shift in the meme coin market.

DOGE Closes In on ADA Amid Market Rebound

According to CoinMarketCap data, DOGE is trading at $0.1709, bringing its market cap to $25.35 billion, narrowing the gap with Cardano, which has a market cap of $25.71 billion.

Cardano recently surpassed DOGE following selling pressure on the top meme coin, causing a temporary price drop. This change occurred due to bearish trends on DOGE that breached key resistance levels.

However, a 2.11% increase in DOGE’s open interest, which represents 8.82 billion DOGE committed, has contributed to its price uptick. Analysts suggest that if trading activity increases along with price volume, further gains could follow.

To close the $360 million gap with Cardano, DOGE needs to see a slight increase. The rise in open interest indicates bullish investor sentiment, suggesting that the meme coin could achieve this rally quickly.

On-Chain Activity Strengthens Dogecoin’s Position

Ali Martinez, an on-chain analyst, noted that DOGE’s technical indicators signal that the meme coin is at a pivotal point. The price chart shows bullish patterns, but any reversal could adversely affect DOGE’s future outlook.

The recent uptick in DOGE’s price makes it likely to maintain positive momentum, supported by the ecosystem.

Notably, Dogecoin recently reported an almost 400% increase in active addresses, now totaling 395,000. These metrics could help DOGE reclaim its former rank from Cardano.