One Solana-based (SOL) meme asset is defying market doldrums and rallying after being listed on numerous crypto exchange platforms.

New data reveals that Billy (BILLY), a dog-themed memecoin built over Solana, has jumped over 30% during the last 24 hours after multiple crypto exchange platforms added support for it.

The crypto exchange platforms that listed Billy include Bittrue, Bitget, MEXC, and Gate.io, who all announced support for the meme asset earlier this week.

Billy is trading for $0.1659 at time of writing, a 36% gain during the last day. On June 26th, Billy was moving for just $0.0286.

Billy, which was launched earlier this year in June and features a picture of a puppy, is outpacing other prominent meme assets during the market’s current consolidation period, which has caused sharp decreases across the board.

Other dog-theme assets, such as dogwifhat (WIF), Shiba Inu (SHIB), Bonk (BONK), and Dogecoin (DOGE), are trading for $1.91, $0.000014, $0.000023, and $0.1046 at time of writing, respectively.

However, DOGE, WIF, SHIB, and BONK are all down between 30-40% during the last month while BILLY is up a staggering 150% during the same time frame.

According to data from blockchain tracker Dexscreener, Billy’s market cap is sitting at $161 million at time of writing while its 24-hour volume is at $24.6 million.

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The cryptocurrency market has been battered by recent events, with Bitcoin leading the decline and dragging many altcoins down with it. However, Dogecoin (DOGE), the memecoin often dismissed as a joke, has surprised some analysts with its relative stability during the downturn.

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DOGE Holds On While Others Fall

While established players like Bitcoin and Ethereum have seen significant price drops, Dogecoin has managed to maintain its support level. This unexpected resilience has sparked conversations about the future of DOGE, with some analysts cautiously optimistic.

Analyst Predictions And Community Sentiment

This cautious optimism is fueled by analyst predictions, with figures like Crypto Patel suggesting the current price correction presents a potential buying opportunity for DOGE.

Patel’s analysis highlights DOGE’s relative stability during the recent market downturn, positioning it potentially for future growth compared to other altcoins that fell more sharply.

#DOGECOIN Chart Update 🚀

Down before the big pump$DOGE best accumulation zone:
$0.1-$0.07. I’m targeting $1 and $2 in the long term.

To those who’ve held for the last 6 years, your profit is 6900x at ATH and the current ROI is still 1150x.

Reminder: I never suggest… pic.twitter.com/bXT63iQb8V

— Crypto Patel (@CryptoPatel) June 24, 2024

Patel has suggested an “accumulation zone” for DOGE between $0.07 and $0.10, hinting at a potential long-term price target that could be significantly higher. Based on his forecast, he believes that in the long run, DOGE might rise to $1 or perhaps $2.

The passionate “Doge Army” has a history of driving up prices through social media campaigns and enthusiastic buying sprees. Renewed interest from the community, fueled by positive analyst outlooks like Patel’s, could lead to a surge in trading activity and potentially push the price upwards.

The Challenge Of Sustainability

The question of Dogecoin’s long-term sustainability remains. Memecoins are inherently volatile, and their value is often tied to hype and social media trends, not real-world utility. While a short-term pump is certainly possible, long-term success hinges on factors beyond community enthusiasm.

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For Dogecoin to truly establish itself, it needs wider adoption and real-world use cases. While developers are working on improvements like the “Dogechain” scaling solution, progress has been slow. Continued development and integration with major platforms will be crucial if DOGE is to achieve lasting success.

The Road Ahead For DOGE

The coming months will be critical for Dogecoin. Will it capitalize on its recent resilience and community support to carve out a niche in the ever-evolving cryptocurrency landscape? Or will the inherent volatility of memecoins ultimately lead to its decline?

Featured image from Sports Illustrated Vault, chart from TradingView

Dogecoin (DOGE) is again in the spotlight as the foremost meme coin could be ready for takeoff. This follows crypto analyst Kevin’s (formerly Yomi OG) analysis of Dogecoin, in which he highlighted an important indicator that has turned bullish for the crypto token. 

Dogecoin Indicator Turns Green For The First Since 2020

Kevin mentioned in an X (formerly Twitter) post that the 12-day time frame on the Gaussian channel just recently flipped green on Dogecoin’s chart for the first time since December 2020. He claimed that this indicates a “potential strong bullish trend” is on the cards for the meme coin in the coming months.

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Kevin added that this indicator has never failed in indicating these trend changes, suggesting that Dogecoin has indeed undergone a bullish reversal. 

In another X post, Kevin claimed that Dogecoin has looked much stronger than most altcoins throughout this period, during which the crypto market has continued to bleed and trade sideways. He added that Dogecoin will likely move into the golden pocket at the $0.26 to $0.33 range if it can stay above the Macro 0.382 FIB and the blue support zone on the weekly time frame. 

Kevin also provided another bullish narrative for Dogecoin in another X post. Looking at the four-hour time frame chart, he highlighted a deviation back into the larger symmetrical triangle, which he claimed is a “bullish sign.” He stated that Dogecoin getting back above key moving averages will be important. He also added that he expects the foremost meme coin to test the $0.175 price level at some point, as there is a lot of liquidity in that price range.

The crypto analyst also hammered on liquidity at that price area. He claimed there is a “very big block of liquidity” at the $0.175 level, looking at the 3-month time frame. Additionally, he said that most of the liquidity beyond that level is between the $0.20 to $0.23 range. This is bullish for Dogecoin, as Kevin noted that market makers like to move where the liquidity is, and it is definitely higher for Dogecoin at the moment. 

DOGE’s Next Move

Crypto analyst CrediBULL Crypto recently mentioned that Dogecoin has reached a ‘make it or break it’ level. He, however, seemed confident that Dogecoin could experience an upward trend from its current price level, noting that the meme coin had reached this ‘make it or break it’ level when Bitcoin hit its range lows. As such, he expects Dogecoin to enjoy a price rebound if the flagship crypto experiences a bullish reversal. 

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Meanwhile, crypto analyst Crypto Daily has made a short-term bullish forecast for DOGE. He predicted that Dogecoin would rise to between $0.33 and $0.35 soon. The analyst added that a daily close above $0.18308 could lead to further gains up to $0.57 for Dogecoin.