Dogecoin's Price Surge Influences Meme Coin Market Dynamics

Dogecoin's recent price rally has significantly impacted the meme coin market, with its value increasing by 47% and contributing to a 43% rise in the overall market capitalization of meme coins. According to NS3.AI, BONK and Shiba Inu are exhibiting bullish breakout patterns, contingent on Dogecoin's continued upward movement. On-chain data indicates that strong holders are accumulating Dogecoin, while speculative traders are reducing their positions, suggesting a growing conviction among long-term investors.