Dogecoin (CRYPTO: DOGE) price showed gains of 2 percent in the past 24 hours to trade at $0.1814 on Thursday morning, during the mid-North American trading session.

Among the top ten crypto assets, Dogecoin was among the best performers. The large-cap memecoin had a fully diluted valuation of about $26.9 billion and 24-hour average trading volume of around $1.5 billion.

The Dogecoin’s price rally was heavily driven by the rising Futures Open Interest (OI). In the past two weeks, Dogecoin’s OI surged from around $1.3 billion to about $2 billion at the time of this writing.

Plus, the Dogecoin network has recorded a significant increase in whale activity, led by fund managers, such as 21Shares, seeking to offer spot DOGE ETF.

The Dogecoin ecosystem has grown into a robust online community, mostly brought together by tech billionaire Elon Musk.

The Dogecoin core developers have also been working on a major network upgrade to enable DeFi development to compete with other layer one (L1) chains such as Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

As Bitcoin price (BTC) signals further bullish momentum in the near future, the overall demand for memecoins remained high. The gradual resurgence of FOMO crypto trading has helped the DOGE price breakout from a multi-week falling trend.

In the daily timeframe, the Dogecoin price has formed a reversal pattern, characterized by inverse head and shoulders formation coupled with a bullish divergence of the Relative Strength Index (RSI).

Plus, Dogecoin’s daily MACD line is about to cross the signal line as the buyers gain control.

As a result, the DOGE price was well positioned to rally towards 23 cents in the coming days, with the 48 cents target likely to happen in the near future.