Dogecoin Breaks Out as Meme Coin Trading Volume Surges in 2026

Key Insights:

• Dogecoin gained 9% to $0.1405 as trading volume soared 127% in the early days of 2026.
• Futures open interest in DOGE rose nearly 12%, reflecting rising trader confidence and speculative momentum.
• The meme coin sector outperformed major assets, led by gains in DOGE, SHIB, BONK, and FLOKI.

Dogecoin has entered a sharp upward trend as the broader cryptocurrency market shows early signs of recovery. On January 3, DOGE climbed 9.01% to trade at $0.1405, according to CoinMarketCap. Its market capitalization reached $23.63 billion, marking a 9.02% increase, while 24-hour trading volume spiked by 127.03% to $3.41 billion.

Despite Bitcoin struggling to regain traction at the start of the year, the meme coin sector has drawn strong speculative attention. Shiba Inu gained around 8%, Bonk rose nearly 11%, and Floki added close to 10%. The Crypto Fear & Greed Index remained in the “Fear” zone but showed signs of edging toward neutrality.

The futures market shows increased confidence

Open interest in Dogecoin futures surged 11.96% on January 1, signaling renewed confidence from traders. Open interest, which reflects the value of all active futures contracts, rose significantly, with around 3.58 million DOGE tokens added to the market within 24 hours. This indicates rising leveraged exposure tied to Dogecoin’s price action.

The hourly chart for DOGE highlighted a bullish technical crossover. The short-term 9-period simple moving average (SMA) crossed above the longer-term 26-period SMA, a formation that typically signals potential for continued upward movement. This bullish crossover is fueling further optimism among short-term traders.

Supply and valuation data confirm rising activity

Dogecoin’s total supply stands at approximately 168.16 billion DOGE. Its fully diluted valuation (FDV) currently matches its market cap at $23.63 billion, signaling no token inflation impact. The strong volume-to-market-cap ratio of 14.44% suggests heightened trading activity and engagement from market participants.

DOGE’s performance comes amid a broader lift across speculative crypto assets. While major assets like Bitcoin and Ethereum have seen slower gains, DOGE and other meme tokens have become focal points for trading activity early in the year. Ethereum maintained price levels above $3,000, while Bitcoin showed weakness despite expectations for long-term growth.