Dogecoin price rose 2 percent in the past 24 hours to trade at $0.1814 on Thursday, during the mid-North American trading session. The large-cap memecoin, which has a fully diluted valuation of about $26.9 billion and 24-hour average trading volume of around $1.5 billion, was among the best gainers in the top ten crypto assets.

Here are some reasons for Dogecoin’s price rise:

The Dogecoin’s price rally has heavily been 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.

Additionally, 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. Meanwhile, the Dogecoin core developers have been working on a major network upgrade to enable DeFi development to compete with other layer one (L1) chains such as Ethereum, and Solana.

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

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

Furthermore, Dogecoin’s daily MACD line is about to cross the signal line as the buyers gained more control.

Therefore, 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.