The cryptocurrency market is abuzz with excitement as Dogecoin's price skyrockets by 9.5% in just 24 hours, reaching $0.151 on May 14. This remarkable surge outpaces the broader market's 2.75% gain during the same period. But what's driving this sudden interest in Dogecoin?

Investor Enthusiasm Sparks Memecoin Rally

The recent price increase is part of a larger trend in the memecoin sector, with other projects like Shiba Inu and Pepe also experiencing significant gains. The catalyst for this surge is the unexpected return of Keith Gill, the mastermind behind the 2021 GameStop short squeeze, after a three-year hiatus. Gill's comeback has sparked a frenzy among investors, who are flocking to memecoin projects in search of potential gains.

Technical Analysis: DOGE Chart Points to Further Growth

A closer look at the DOGE chart reveals a developing inverse head-and-shoulders pattern, indicating a potential price increase. If the price breaks above the neckline at $0.166, it could rise by the height of the formation, targeting $0.227 in May – a 55% increase from the current price level. However, a pullback below the right shoulder trough at $0.135 could lead to a price drop to $0.122, a level that has served as support since March.

Will Dogecoin continue its upward trajectory? Only time will tell, but for now, investors are riding the wave of enthusiasm sparked by Keith Gill's return.