Dogecoin (CRYPTO:DOGE) experienced an 8% price surge in the past 24 hours, reaching $0.163, its highest since May 6, buoyed by increased trading volumes and breaking key technical levels.

The rally, fueled by a bounce from the $0.148 support level, pushed DOGE past the major resistance zone at $0.165 and the 50-day exponential moving average (EMA) on the daily chart.

Alongside DOGE, other meme coins like Shiba Inu (CRYPTO:SHIB) and Pepe (CRYPTO:PEPE) are also seeing significant gains as trading volumes rise, with the entire meme coin sector's market cap surging to $57.8 billion.

The excitement is further fueled by anticipation for the Dogeverse Initial Exchange Offering (IEO), with investors eyeing breakout potential and the project's multi-chain capabilities, set to launch across Ethereum (CRYPTO:ETH), Solana (CRYPTO:SOL), and Base networks.

Amid bullish sentiment and anticipation for the SEC's potential approval of a spot Ethereum ETF, the meme coin market is poised for an exciting end to May.