The broader cryptocurrency market surged this week, with Bitcoin rising from $62,000 to $78,000 following President Donald Trump’s announcement that the U.S. government is considering buying a “sizeable” amount of Bitcoins. Leading meme currency Dogecoin also rose nearly 25%, marking its biggest surge recorded in 2026, but the rally quickly faded.
The broader cryptocurrency market experienced a significant surge this week, with Bitcoin rising from $62,000 to $78,000. The phenomenal rise occurred in less than a week, yielding traders massive profits.
The market is brimming with positivity for the first time this year after President Donald Trump announced that the U.S. government is considering buying a “sizeable” amount of Bitcoins. This announcement made the market spike in value, and investors turned bullish.
Leading meme currency Dogecoin also rose nearly 25%, representing the biggest surge recorded in 2026. On the heels of the ongoing rally, chatter is rife on social media that Dogecoin can breach the $1 level.
The meme currency has been trying to reach that price since 2021. However, the meme coin has only disappointed investors since then, as prices have only moved south.
After reaching an all-time high of $0.73 in May 2021, Dogecoin went on a relentless slump. It plunged to the $0.10 mark in 2024-2025 and has remained there for two years straight.
Despite the rally, Dogecoin is unable to sustain its positive momentum in the charts. Even after the 25% rally in a week, Dogecoin failed to sustain itself above the $0.10 zone.
Its price is now at approximately $0.08 and is on the lower side of the barrel. This is the reason why traders no longer take meme currencies seriously, as it can wipe away profits in a week.
Meme currencies are now seen as a piranha fish that quickly eats up whatever is gained. If Dogecoin cannot even reach $0.10 and maintain the momentum, $1 is out of the equation.
