Dogecoin (CRYPTO: DOGE) was trading with gains of over 10% on Thursday after an unexpected rally saw the industry’s dominant meme coin breach the key resistance at the $0.20 level.

What Happened: According to data from CoinMarketCap, Dogecoin’s price had shot up by 10.34% over the past 24 hours, pushing the coin to trade at $0.202 at press time.

Dogecoin’s trading volume also shot up by 16.95% overnight, setting it apart in what appeared to be a breakout push toward its multi-week high above $0.23.

Dogecoin had seen some turbulence this year as it hit a high of $0.4159 in January before charting a sustained correction amid volatility.

However, there was a consistent uptick in DOGE’s open interest, which signaled an anticipation of the current breakout.

It remains unclear what exactly triggered the latest rally but the top meme coin had been in the news this week.

House of Doge, an offshoot of the Dogecoin Foundation, launched its reserve for DOGE, buying 10 million units of the asset, as reported earlier by U.Today.

This move highlighted the growing narrative of Dogecoin as a viable reserve asset.

What Next For Dogecoin: Dogecoin had not managed to flip the $0.20 resistance as support since the start of the month.

However, with this latest push, the meme coin appeared to be setting the stage for a sustained breakout.

The fate of the altcoin’s rally would now depend on broader market sentiment and its correlation with Bitcoin.

Bitcoin had shot above the $88,000 mark on Thursday, indicating strength in the market that appeared to have spilled over onto Dogecoin.

It remains to be seen how far the coin could rally with this latest rebound, with some analysts already speculating that a move toward $1 could be in the works.