Dogecoin (DOGE), the world's leading meme cryptocurrency, surged 24% in a week, surpassing the gains of other major tokens, including industry leader Bitcoin.

However, the overall decline in the Dogecoin-Bitcoin (DOGE / BTC) ratio has continued since May 2021, according to chart platform TradingView. The ratio represents the valuation of DOGE denominated in BTC.

The key point is that it may be too early to worry about the speculative bubble like 2021, and the continued bullish trend in bitcoin (BTC) and the broader cryptocurrency market may still have enough momentum.

Since early 2021, DOGE has been outperforming BTC, resulting in a nearly 1,000% increase in the DOGE-BTC ratio in the first four months. In May 2021, the broader market fell, with BTC falling from $60,000 to $30,000.

Dogecoin is seen as a highly speculative asset with no intrinsic value, so its price spike is often seen as a warning sign that the market is about to instability. Dogecoin has recently risen 24% in dollar terms, and long-time fan of cryptocurrencies Elon Musk (Elon Musk) has proposed a government agency called Dogecoin (DOGE), prompting speculation that the Trump administration could give cryptocurrencies more power.

The chart shows that DOGE / BTC is seeking to recover from the bear market abyss identified by the high trend lines reached in May 2021 and November 2022.

The stock has rebounded more than 10% this week, holding on to horizontal support since the low of early February, against the backdrop of MACD bar charts showing bullish momentum. The bar graph is a technical indicator based on moving averages and is widely used to measure trend change and strength.

A potential break through the trend line would mean the bear market is over, opening the door to DOGE's significant future performance.

The current price structure is similar to that of 2020, when the DOGE / BTC ratio is on a long-term decline.

As the MACD turned bullish, the ratio eventually broke through the bear market trend line in December, entering what was a so-called speculative mania mode.