Dogecoin (DOGE) price surged by 4.1% from the market close on Monday to 5:30 PM Tuesday, marking a noticeable movement ahead of the upcoming Federal Reserve meeting. Despite overall market uncertainty, investor enthusiasm for meme tokens like Dogecoin and Shiba Inu continues to capture attention.

Unlike more traditional market indicators, tokens like Dogecoin are among the best sentiment gauges for investors. With liquidation data showing the acceleration of short positions, with $4.5 million in liquidations, it became clear that bearish investors are losing their positions.

However, while long-term fundamentals of Dogecoin may be less relevant than investor sentiment, the current data shows that the price continues to be supported by speculative interest in the short term.