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Dogecoin Open Interest Hits Record $2.2 Billion – What’s Next For DOGE Price?

The Dogecoin open interest has been on the rise over the past few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the price of the meme coin has been reflecting the growth seen by its open interest.

This recent bullish momentum pushed the price of DOGE to break the $0.22 mark, its highest point in three years. However, the question is – how far can this rally go for the foremost meme token?

Dogecoin Open Interest Breaks Above $2 Billion

According to data from CoinGlass, the Dogecoin open interest broke through the $2 billion mark on Friday, March 29. Although DOGE’s open interest stands at around 1.96 billion at press time, it rose as high as $2.21 billion on Friday, a new record for the meme coin.

Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (Dogecoin, in this case) in the market at a given time. It provides insight into the amount of money investors are pouring into DOGE derivatives at this time.

The meme token’s open interest has had quite a performance since the start of March. DOGE’s open interest rose to $1.6 billion (an all-time high at the time) earlier in the month before retracing to below $1 billion by March 20.

It is worth noting that there has been a high correlation between open interest and Dogecoin’s price, with both climbing at the same time and at almost the same pace. Typically, a rising open interest can suggest a continuation of the trend around the asset’s price at the moment.

Ultimately, the current high open interest for DOGE could mean a rapid price movement for the meme coin in the near future. However, it would be difficult to tell the direction in which this spurt of volatility would take the price of Dogecoin, especially as open interest is not the most optimal indicator of trends or price action.

DOGE Price Overview

As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline in the last 24 hours. While the meme token’s price has somewhat struggled since hitting the three-year high, it has managed to retain most of its profit from the past week.

According to CoinGecko data, the Dogecoin price is up by a whopping 18% in the past seven days. This positive performance has strengthened DOGE’s position as the largest meme coin in the market, with a market capitalization of $29 billion.

Dogecoin

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Dogecoin Holder Base Reaches New Record Amid Surge In Interest

Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors.

Dogecoin Holders Cross 6.9 Million

The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise.

According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over.

This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin.

To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time.

DOGE Outlook Continues To Be Bullish

In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up.

The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed.

Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling.

The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around $0.2, forcing the meme coin back downward.

Dogecoin price chart from Tradingview.com

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Dogecoin Whales Go On Massive Buying Spree, Here’s How Much They’ve Bought

Dogecoin has seen a steady rise in activity in the past two days to reverse the period of stagnancy recorded earlier in the week. At the time of writing, DOGE is up by 7% in the past 24 hours, reversing some of the corrections it has experienced in the past week. Turns out some Dogecoin whales have been going on a massive buying spree, as indicated by on-chain data. 

Popular crypto analyst Ali Martinez highlighted this accumulation trend by tweeting that DOGE whales have bought over 25 million DOGE worth around $3.75 million in the past three days. 

Crypto Analyst Reveals Dogecoin Whale Accumulation

According to the Santiment chart shared by Ali Martinez on social media, wallets holding between 10 million to 100 million DOGE tokens have now pushed their total balance to 15.63 billion DOGE after adding 25 million DOGE in the past 24 hours. 

Interestingly, the chart dynamics indicate this is a major change in sentiment from this cohort of traders, as their collective balance has been in a freefall since March 14th.

Why Does This Matter?

Crypto whales typically move the market. Increased buying or selloff from a few large traders could change the sentiment of other investors, and they could further cascade a price surge or decline. Notably, the chart shared by Martinez shows that the total balance of DOGE’s whale addresses has largely corresponded with the price increase. 

For example, the drop on March 14 in the total whale balance corresponded with a 33% drop in DOGE’s price from $0.1878 on March 14 to March 20. However, DOGE is now showing signs of recovery and is currently trading at $0.1629.

While Dogecoin whales and FOMO buyers may temporarily push DOGE higher, its long term success really depends on whether it can transform from a memecoin into a widely used cryptocurrency. Dogecoin recently scored a point in its bid to achieve mainstream adoption. Coinbase, America’s biggest crypto exchange, revealed plans to introduce Dogecoin along with Litecoin and Bitcoin Cash to its regulated futures contract offerings.

According to an earlier prediction by Ali Martinez, DOGE could reach the $1 mark in April. His prediction was based off of the crypto’s performance after similar breakouts in 2017 and 2021. 

A large part of this prediction coming to manifestation is a bullish sentiment from whale addresses, especially if they continue on an accumulation pattern. A key price level to watch is $0.20. If DOGE breaks above this resistance level, it could continue surging higher on buying momentum. But if it fails to break $0.20 and starts dropping again, it may indicate the rally is running out of steam.

Dogecoin price chart from Tradingview.com

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Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy

The Dogecoin (DOGE) network has entered a period of stagnancy, as the number of addresses holding the meme coin has slowed. This is a stark contrast to February and January, when the network experienced a significant expansion. 

Dogecoin Has Added Only 60,000 New Addresses In March

Data from the market intelligence platform Santiment shows that the total number of DOGE holders has increased by only 60,000 since the beginning of this month. At the start of the month, 6.51 million users were holding the meme coin, with this figure only increasing to 6.57 million since then.

This is unlike February when the total number of DOGE holders rose from 5.92 million to 6.51 million. Specifically, around this same time last month, the network had already seen an increase of 450,000 in the total number of addresses holding DOGE. Meanwhile, NewsBTC reported that over 400,000 new addresses were added in two weeks between January and February. 

Dogecoin also set a new record in January alone when 247,240 new DOGE addresses were created on January 29. Crypto analyst Ali Martinez noted that a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. That underscores how significant the number of addresses holding the meme coin is. 

The stagnancy in Dogecoin’s holder activity might also come as a surprise to some in the crypto community, considering the meme coin frenzy that has taken the crypto space by storm. However, a plausible explanation is that meme coin traders aren’t necessarily invested in the prominent meme tokens but have their eyes on the undervalued gems. 

How Other Top Meme Coins Have Fared

Data from Santiment also shows that the other two meme coins, Shiba Inu (SHIB) and Pepe (PEPE), which make up the top three largest meme coins by market cap, haven’t fared better. Shiba Inu hasn’t seen its holder count increase since the beginning of the month, with the total number of users holding the meme coin still at 1.38 million. 

On the other hand, PEPE still has less than 200,000 holders despite boasting a year-to-date (YTD) gain of over 370%. These figures place DOGE firmly ahead of SHIB and PEPE in terms of the number of users they all have. Dogecoin is expected to see its user base pick up once again as soon as there is a renewed interest in network functionalities like the Doginals. 

At the time of writing, DOGE is trading at around $0.12, down almost 14% in the last 24 hours, according to data from CoinMarketCap. 

Dogecoin price chart from Tradingview.com

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Dogecoin Open Interest Maintains Record Highs, Is A Crash Coming?

The Dogecoin open interest rose to a new all-time high earlier in March, and while there has been a small retracement, the open interest has continued to maintain very high record levels since then. Given this continuous high level, it could point to where the price of the meme coin is headed next using historical data.

Dogecoin Open Interest Maintains High Level

Open interest is a measure of the total number of futures or options contracts of a particular coin in the market at a give time. It can help to tell how much money is flowing into that particular asset, thereby revealing if there a high or love interest in the asset.

On Dogecoin’s part, its total open interest has been rising over the last few months, especially as the crypto market recovered, as shown by data from Coinglass. A natural consequence of this was that the price was also climbing at the same time as the open interest and thus, there is a high correlation between open interest and price.

The DOGE open interest hit a new all-time high of $1.47 billion on March 5, and the meme coin has not looked back since. Despite a small decline in the following days, the open interest is rising once again, reaching $.144 billion on March 14 and taking the price with it.

While the rise in open interest does point to a lot of bullishness in the market, historical performance during times like these also calls for caution. Taking a look at what happened the previous times that the Dogecoin open interest hit new all-time highs could give an idea of where the price is headed next.

Where Can DOGE Go From Here?

Over the years, there have been various points at which the Dogecoin open interest has reached new all-time highs and a trend has emerged, in a manner of speaking. Looking as far back as 2021 when the open interest hit ATHs multiple time, this trend plays out similarly.

A sustained rise until a new all-time high is reached, with the price rising along, and then followed by a crash in open interest, as well as price. This was the case in September 2021 when the open interest reached a new all-time high and then again in November 2021 when it clocked another ATH.

Moving forward, the same trend is seen in October 2021 when the DOGE open rose close to its previous all-time high, but ended the same way as the previous ones – with a crash. These crashes almost always affect the DOGE price as well, causing it to drop to the levels before the surge in open interest.

If this pattern holds this time around, then a crash might be ahead for the Dogecoin open interest and the DOGE price by extension. A likely scenario is a 20% drop that could send the DOGE price back toward $0.15 before the crypto market picks up steam once again.

Dogecoin price chart from Tradingview.com

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Dogecoin Could Hit $1 If History Repeats, Analyst Reveals When

An analyst has explained that Dogecoin may be able to hit $1 if history repeats for it. Here’s when exactly this could happen for DOGE.

Dogecoin Has Been Breaking Out Of A Parallel Channel Recently

In a new post on X, analyst Ali has discussed a potential outcome for Dogecoin based on the historical pattern. Below is the chart for the weekly price of the memecoin shared by the analyst, which reveals a similar-seeming pattern that the asset has followed over the years.

Dogecoin Price Chart

As Ali has highlighted in the chart, before both of its previous two major bull runs, Dogecoin’s weekly price consolidated inside a specific parallel channel for a notable amount of time.

The “parallel channel” here refers to a pattern in technical analysis (TA) made up of two parallel trendlines inside which the price of the asset consolidates. Parallel channels can be of different types, like ascending and descending ones, but in the context of the current discussion, channels parallel to the time axis are relevant.

The upper trendline in such a pattern is drawn by joining together tops, while the lower line connects bottoms. When the price retests either of these lines, a reversal is more probable.

This means that a retest of the upper line could break the uptrend and cause the asset to go through a drawdown. Similarly, the lower line may be a source of support and help the price reverse itself back up.

However, a break out of either of these lines can imply a continuation of the trend in that direction. The graph shows that when the weekly price of Dogecoin saw breakouts like this out of the respective consolidation channels the last two times, it went through bull rallies.

In the past couple of years, it would appear that DOGE has once again gone through a similar period of consolidation as those previous two, and recently, the coin has been breaking out.

Ali has marked a potential trajectory that Dogecoin could follow in the chart based on the precedent set by these last two bull runs. “This may sound wild, but if history is any guide, Dogecoin $DOGE could hit $1 by mid-April!” says the analyst.

From the current cryptocurrency price, such a run would suggest an increase of more than 488% for the memecoin in less than a month and a half. Obviously, a rally like this would be super impressive if it ends up playing out like this.

It remains to be seen what trajectory Dogecoin follows now that it has seemingly broken free of its long parallel consolidation channel.

DOGE Price

When writing, Dogecoin is trading around $0.17, up 36% in the past week.

Dogecoin Price Chart

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Dogecoin To $100? Crypto Analyst Reveals The Key

Dogecoin has seen a number of bullish predictions over the last month, especially with the recovery of the crypto market. The latest in this long line of bullish predictions is that of one crypto analyst who goes by southofearth on TradingView. According to the analyst, the DOGE price will rally higher than expectations.

Dogecoin Price Maintains Previous Patterns

The analysis which was posted on the TradingView website shows the trajectory of the Dogecoin price since it was launched back in 2013. The chart highlights the performance of DOGE in the years leading up to each Bitcoin halving and how this can pinpoint its rally point.

Both times have seen the Dogecoin price put on a massive rally after each halving, suggesting that it is a bullish trigger for the meme coin. With the next Bitcoin halving expected to take place sometime in April, the DOGE price looks to be gearing up for another breakout.

The crypto analyst points out that DOGE is currently showing a similar pattern as it had in the previous years, although with a bit more volatility. But because it is mostly maintaining this pattern, the chances of it following the same patter of rallying are high.

They also explain that the markets are moving faster, and the 4-year cycle that investors are used to might be getting shorter. Given this, the bull market begins faster, although with longer bear markets. In this case, the analyst believes that the DOGE price could top out in October of 2024 instead of in 2025 as expected.

Dogecoin price chart from Tradingview.com

DOGE Price Targets For Bull Market

Southofearth also shared their price targets for Dogecoin going forward, with four targets in total. The first puts the price at $1, which looks to be the start of the breakout. From there, the next target is placed at 1005 from the first target at $2.

Then another jump to $14 is expected before running all the way to $27. According to the crypto analyst, $27 is the next all-time high price for DOGE going by what has happened to the coin in previous years.

However, it doesn’t end there, as the analyst predicted that the DOGE price could possibly rise to $100 and above. But for this to happen, there has to be “hyperbitcoinization happens due to dollar index breaking down,” the analyst explains.

If the crypto analyst is correct, then the DOGE price could see a 16,000% move from here. However, the possibility of this happening is very slim given that DOGE’s market cap is already at $20 billion, and such a move would make it larger than Ethereum.

Dogecoin price chart from Tradingview.com

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Analyst Predicts Massive Rally For Dogecoin Price With A $1 Target, Here’s How

Dogecoin recently jumped to the $0.2 level for the first time since November 2021 amidst a month of exceptional bullish price action. Notably, DOGE is currently up by 128% this month and 97% in the past seven days, giving DOGE holders something to be happy about. According to a crypto analyst, this price surge is expected to continue and go parabolic to the $1 mark in this market cycle. 

Dogecoin Set To Perform Exceptionally Well

Current market dynamics and bullish sentiment have seen DOGE shooting up in market capitalization after an extended consolidation period. A recent surge past the $0.20 price level saw DOGE briefly overtaking Cardano and jumping up to the eighth position in market cap rankings. 

In a post shared on social media platform X, a crypto analyst known as Altcoin Sherpa, noted this recent surge as a sign of better things to come in this cycle. While the analyst didn’t give a particular price point, he noted that a $1 price per Dogecoin wouldn’t be too surprising.

Interestingly, the $1 level would mean a ride to uncharted territory for DOGE, as the crypto is yet to cross above $0.8. A surge to $1 would mean a 465% surge from the current price level and past its current all-time high of $0.74.

The analyst noted that he doesn’t expect DOGE to perform as well as other meme-inspired cryptocurrencies with lower market caps like WIF, PEPE, and BONK, but its deep liquidity provides more of a stable investment. He also noted that DOGE and SHIB will probably take turns leading gains among meme coins.

Meme Coins Continue To Shine

The meme coin market has grown significantly since the early days of DOGE’s creation, which started out as a joke. Since then, tons of meme coins have been created, but Dogecoin continues to solidify its position as the largest meme coin in terms of market cap, demonstrating signs of renewed enthusiasm every so often.

At the time of writing, DOGE is trading at $0.18. Data from Coinglass shows that the open interest on DOGE futures contracts is now at $1.62 billion, a 10% increase in the past 24 hours. 

Other meme coins are also witnessing strong interest. According to Santiment, SHIB, PEPE, FLOKI, and BONK have seen an increase of over 3,000% in trading volume in the past week. The on-chain analytics platform credits the increase in trading volume to surging prices and increased crowd interest.

SHIB, PEPE, FLOKI, and BONK are up by 277%, 256%, 204%, and 145% respectively in the past seven days, outperforming DOGE during the time frame. 

Dogecoin price chart from Tradingview.com

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Dogecoin Open Interest Surges To Record $1.49 Billion

The Dogecoin open interest (OI) is surging after a week of remarkable price action. The meme coin which rose over 100% has continued to enjoy the attention of investors and traders alike, leading its open interest to reach a new all-time high.

Dogecoin Open Interest Taps Record $1.49 Billion

Data from Coinglass shows that there was an exponential growth in the Dogecoin open interest in the first five days of March. The open interest had closed out the month of February $870.22 million. However, only five days later, Dogecoin’s OI has risen to $1.49 billion. This rapid increase in less than one week translates to an over 70% increase in the open interest, reaching a brand new all-time high.

The increase did not come out of nowhere, as the DOGE price had begun to recover during this time. It closed out February at a price of $0.09, but by March 5, the price has already seen an 100% increase, briefly hitting $0.2 before correcting back downward to its current price of $0.18.

The open interest represents the interest in the meme coin as it is a total of all of the open derivatives positions in DOGE at any given time. This means that crypto traders are betting more on the price of Dogecoin and taking short and long positions in DOGE at an unprecedented rate.

Three exchanges currently control the vast majority of the DOGE OI, namely ByBit, Binance, and OKX. ByBit takes the lead, commanding $584.13 million of 3.25 billion DOGE OI. Binance takes the second position with $511.22 million or 2.85 billion DOGE, and OKX comes in third with $194.17 million or 1.08 billion DOGE.

DOGE Traders Caught In Tug-Of-War

Presently, the Dogecoin price seems undecided on where it is headed next, which has led to almost equal liquidations across the camps of bulls and bears. As mentioned above, the DOGE price had briefly touched $0.2, leading to liquidations across shorter. However, its downward correction has been just as detrimental to long traders.

Coinglass data shows that in the last 24 hours, DOGE traders have lost $33.92 million. Interestingly, long traders have actually lost more during this time as they account for $17.44 million in liquidations. While short traders have lost $16.32 million during the same time period.

On the shorter time frame, long traders are still suffering more losses with $2.26 million lost in the last four hours compared to $453,280 in short positions. However, while this shows bulls are taking a beating, it is also proof that bullish sentiment among traders when it comes to the DOGE price remains strong.

At the time of writing, DOGE’s price is siting $0.18 with a 7.49% increase in the last 24 hours, and an 85.98% increase in the last week.

Dogecoin price chart from Tradingview.com

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Dogecoin Rallies 50% To Beat Out Avalanche, BONK Overtakes PEPE

With altcoins finally catching up to Bitcoin, meme coins such as Dogecoin, BONK, and PEPE have been in the spotlight. This outperformance from these meme coins has pushed their standing in the crypto market further, putting them ahead of large competitors.

Dogecoin Rallies 50% To Reclaim 9th Spot From Avalanche

While Dogecoin did start out the week on a slow note, it picked up the pace on Wednesday after Bitcoin’s price rose to $64,000. This rally saw the DOGE price go from $0.09 to over $0.1 in a matter of hours, before the wipeout that sent Bitcoin below $60,000.

Once the market recovered, Dogecoin began to move up once again, and by Thursday, its price touched above $0.13. This is the highest that the price has been since 2022 and it gave its market cap enough boost to not only re-enter the top 10 cryptocurrencies by market cap. But also to reclaim the 9th spot from Avalanche.

Dogecoin’s price has risen 50% in the last week and pushed its market cap above $18.1 billion. Avalanche had been occupying the 9th spot on this list after rising from $10 to $40 in the last few months. However, its market cap of $16.64 billion falls behind DOGE, putting it in 10th place on the list.

It is interesting to note that a week ago, Dogecoin had completely fallen out of the top 10 cryptocurrencies after Tron’s TRX saw its market cap rise. This will end up being short-lived as TRX has fallen out of the top 10 and now sits at 11th position with a market cap of $12.6 billion.

BONK Beats Out PEPE

In addition to Dogecoin, BONK, another meme coin, has also seen impressive growth during the time. According to data from Coinmarketcap, the BONK price has risen 30% in the last day to cross the $0.00002 threshold.

This outperformance comes in light of a notable surge in the daily trading volume of the meme coin. Its volume saw a 135% increase in the last day to reach $955 million. This rapid rise in volume suggests a rapid increase in investor interest in the coin, leading to its gains.

BONK’s market rose to $1.81 billion as a result of this, which put it ahead of PEPE with a $1.22 billion market cap. BONK now holds the spot for the third-largest meme coin in the space behind Dogecoin and Shiba Inu.

However, on the weekly chart, PEPE is outperforming BONK with 148% gains compared to BONK’s 74% gains. Following behind PEPE is dogwifhat (WIF) which rose 142.6% in the last week to reach an $820 million market cap.

Dogecoin price chart from Tradingview.com

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Crypto Analyst Predicts Dogecoin Parabolic Breakout Above $3.5, Here’s When

Dogecoin has been in the spotlight lately after a notable uptick in the usage of its network over the last month. However, this adoption has not translated to any notable increase in the asset’s price, prompting speculations of a delayed breakout for the meme coin.

Crypto Analyst Says Dogecoin Could Breakout Soon

Even as Dogecoin continues to put on a lackluster performance, it has not shaken the bullishness of investors. One of the analysts who believe that the DOGE price is destined for great things is crypto analyst Ali Martinez, popularly known as Ali_Charts on X (formerly Twitter).

According to an analysis shared by Ali on X, the meme coin may be looking to stage a repeat of the parabolic breakouts seen over the years. The crypto analyst points out that Dogecoin is mirroring past performance, and the patterns are beginning to line up to the months leading to the previous breakouts.

The first instance of this breakout happened between 2017 and 2018 when there was an enormous rally after 97 bars and 679 days, as outlined by the analyst. During this time, the price of DOGE would rise by more than 8,000% before the rally was over.

The next time a similar rally would occur was between 2020 and 2021. In the same vein, there were 97 bars and 679 days between the previous rally and the next one. This time around, DOGE would go on to stage an even larger rally, rising more than 23,000% to reach its current all-time high of $0.7.

Now, the analyst points out that Dogecoin has almost reached the infamous 97 bars and 679 days once more, which could end in a massive rally. If this holds, then the DOGE price could break out in April when this pattern would complete, and the DOGE price could rise over the $3.5 level as a result.

DOGE Price Could Rally As High As $10

This is not the first that the crypto analyst is pointing out the possibility of a Dogecoin parabolic rally. In an analysis that was posted last week, the analyst also pointed out that the DOGE price was following patterns similar to what was seen back in 2020 before the infamous rally.

He points out a descending triangle that forms over two years, appearing once more. This same descending triangle was also seen before the DOGE price had risen from less than $0.003 to over $0.7 in a matter of months.

In this analysis, Ali points out that if Dogecoin were to go on a similar rally, then the price of the meme coin could rise as high as $10. “Having broken out of a descending triangle, it’s now in a consolidation phase, potentially setting the stage for another significant bull run,” the crypto analyst said.

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Dogecoin Price Echoes Past Bull Run: Will It Rise Above $1 Soon?

The Dogecoin price has been trending sideways on low timeframes, but the cryptocurrency might be gearing up for a massive rally. The bull run across the nascent sector has been unkind to the king of the memecoins, but an analyst pointed at a potential change in direction towards a fresh all-time high.

As of this writing, DOGE has stalled at its current levels with a 2% loss over the past 24 hours. Over the previous seven days, the token has recorded similar performance, but it remains green on the 2-week and 30-day horizon.

dogecoin price doge dogeusdt

Dogecoin Price Aims For The Moon? 23,000% Rally Possible

According to analyst Ali Martinez, the Dogecoin price is moving with previous bullish trends. Despite the low timeframe bearish momentum, the king of the memecoins could record a new massive rally above its current all-time high near the $0.80 level.

As seen in the chart below, the Dogecoin price experiences a sideways trend, which can extend to 679 days before exploding into a new all-time high. On DOGE’s weekly chart, the token records profits of 8,000% and 23,000% each time this happens.

In late 2017, when the price of Bitcoin rose to $20,000, the Dogecoin price followed and broke the 679-day sideways trend with an 8,700% rally. In 2021, the memecoin experienced a similar breakout but with an even bigger rally.

dogecoin doge dogeusdt chart 1

As the chart shows, Dogecoin might see an even bigger rally above $1 and $3 if this potential rally materializes. This price action is supported by DOGE’s capacity to move more aggressively to the upside every time it breaks the long sideways trend.

The analyst stated:

The price action of #Dogecoin appears to mirror patterns observed in its past bull markets. If history repeats itself, we could see $DOGE enter a parabolic breakout around April!

DOGE Price On The Short-Term

On low timeframes, the $0.10 level is critical resistance for the token to fulfill its bullish potential. NewsBTC reported that the cryptocurrency hints at a potential breakout, but DOGE must recover the $0.0914 area before scoring further gains.

This week, the crypto market might see opposition from macroeconomic developments, which could spark volatility. If the Dogecoin price can hold its ground, the possibility of a bull run will gain further momentum.

Cover image from Dall-E, chart from Tradingview

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Dogecoin Begins Massive Recovery Trend, But Can These Factors Drive A Rally To $0.2?

The Dogecoin price action in the past few days is showing signs of the crypto embarking on a bullish recovery. Particularly, DOGE has seen a strong uptick in trading volume in the last few days, fueled by an increase in activity from whale addresses. 

At the time of writing, DOGE spiked by over 6% in the past 24 hours to break over $0.09 for a brief moment. This spike in DOGE came despite the price of Bitcoin showcasing a weakening of bullish momentum at $52,000 and most cryptocurrencies sparking corrections, indicating a lingering bullish momentum among DOGE traders.

DOGE Recent Metrics Indicate Recovery Trend

Dogecoin mostly went through a lackluster price action throughout January, with the cryptocurrency ending the month at $0.07973, a negative 13% from its open price on January 1. The $0.079 price level acted as a major support, as DOGE started to rebound in early February after the formation of a double bottom. Consequently, DOGE technicals, transaction count, and price action pointed to a change in momentum and sentiment amongst traders.  

According to metrics from the on-chain analytics platform IntoTheBlock, the Dogecoin ecosystem has witnessed a lot of activity in the past month, processing more than 1 million transactions every day since the 30th of January. This increase in activity seems to have been reflected in the price of Dogecoin, with the cryptocurrency up by 11% since the beginning of February.

Dogecoin

At the time of writing, DOGE’s trading volume from Coinmarketcap is approximately $824 million, an increase of over 129% in the past 24 hours. The majority of the recent increase in activity can be attributed to whales of large investors. 

According to Dogecoin whale data, whale transactions greater than $100,000 now stand at $2.53 billion in the past seven days. Notably, this transaction count from large investors reached 1,570 in the past 24 hours with a total volume of 15.88 billion DOGE. This huge surge of activity seems to be providing the cryptocurrency with a big boost, fueling an impressive recovery that could see it crossing the $0.1 threshold once more and possibly reaching the $0.2 price level.

DOGE Price Action – Rally To $0.2?

Dogecoin has started showing signs of life again, fueled in large part by whale activity. The crypto recently surged to $0.09115 in the past 24 hours. Although still up by 1% in the same timeframe, DOGE has since corrected by 4.5% and is currently trading at $0.08702. 

A minor support is at the $0.08693 price level, with metrics and general market sentiment pointing to continued bullish price action in the short time. The first price level would be the return to $0.09. If Dogecoin manages to maintain a stronghold above this key milestone, it is expected to create a more bullish momentum among traders which could see it breaking past above $0.1 for the first time in three months. 

This breakthrough over $0.11 could mark an important milestone for Dogecoin’s price trajectory, as the next target would be $0.2. 

Dogecoin price chart from Tradingview.com

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Dogecoin Poised For Bullish Breakout, 30% Rally Predicted?

Dogecoin (DOGE) enthusiasts and holders have had a glimmer of optimism to hold on to, as the meme token is currently posting gains of about 4.35% in the past seven days amidst inflows into the crypto market. This recent price action prompted an analysis from crypto analyst Captain Faibik, who predicts a 30% surge for DOGE. 

According to the analyst, the price of DOGE is on the verge of breaking out of a symmetrical triangle, putting the crypto back on track to climbing above the $0.1 price level again.

Technical Analysis Points To Impending DOGE Breakout

Captain Faibik recently took to social media platform X to share a bullish prediction on DOGE. According to the 12-hour timeframe price chart shared by the analyst, the price of Dogecoin has been forming a downward-sloping triangle since it reached $0.1018 on December 12. Notably, price action illustrates a sequence of lower highs and higher lows between the trendlines, which shows that bears are gradually losing control of the market. 

Lower highs and higher lows are generally considered bullish, as they typically indicate a consolidation phase before a potential trend reversal to the upside. Faibik’s technical analysis indicates a likely 30% bullish breakout above $0.08199. If this turns out to be correct, a prolonged breakout might result in Dogecoin revisiting its December high around the $0.106 level by March.

Can DOGE Reenter The Top 10 Cryptocurrencies?

Recent market dynamics have resulted in Dogecoin losing its place among the 10 biggest cryptocurrencies by market cap. Chainlink (LINK), the culprit, was able to displace Dogecoin from the 10th position after two weeks of intense price gain.

During this period, Dogecoin also witnessed a crash in whale transactions, implying waning sentiment from these large holders.

However, Chainlink’s rally seems to have slowed, with the crypto currently on a 4% correction from $20.82. Consequently, data from Coinmarketcap shows Chainlink is yet to gain a substantial distance ahead of Dogecoin in terms of market cap. 

Chainlink is currently only ahead by $80.8 million, giving Dogecoin a chance to catch up. The 30% bullish breakout prediction above the current price level is enough to push Dogecoin back into the top 10 crypto assets.

While another major DOGE rally isn’t guaranteed, technical factors are lining up. The first resistance is at $0.083, and a decisive breakout above this level could give traders an entry opportunity. However, failing to break above this resistance level would invalidate a bullish run, and DOGE could fall back to $0.078. 

At the time of writing, DOGE is trading at $0.0818, down by 0.61% in the past 24 hours.

Dogecoin DOGE DOGEUSDT

Chart from Tradingview

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These Dogecoin Whale Transaction Stats Spell Trouble Despite Ongoing Crypto Rally

Dogecoin’s current metrics point to a confused path as the broader crypto market rallies after Bitcoin crossed the $50,000 level. Dogecoin has been posting some gains along with the rest of the crypto market, but behind the scenes, the meme coin’s transaction volume and whale transaction count have been discouraging. 

According to on-chain data first shared on social media platform X by crypto analyst Ali Martinez, Dogecoin has experienced a low transaction volume in the past few days, fueled by a drop in trading activity from large traders. 

Dogecoin’s Transaction Volume And Whale Activity Drops

According to the Santiment data shared by Ali Martinez, DOGE has been posting gains since February 6. Still, the whale transaction count and the total transaction volume have failed to rise.

Notably, this gain has dwindled compared to the other major cryptocurrencies. As a result, Chainlink (LINK), which has been on a bullish run, was able to displace DOGE out of the top 10 in terms of market cap rankings.

This decline in whale activity indicates the current sentiment among large traders. Similarly, data from IntoTheBlock has reiterated a decline from this cohort of traders, as the number of daily transactions greater than $100,000 has failed to rise above 200 in the past few days. For comparison, daily transactions above $100,000 steadied above 1,000 throughout January.

When activity drops, but prices rise, it’s usually a sign that a rally isn’t sustainable. This decline in activity suggests that fewer people are using Dogecoin for payments and transfers. Instead, Dogecoin seems to be catching up in the hype of the crypto market rally. 

What Does This Mean for The Dogecoin Price Outlook?

Whales are known for their ability to move markets so that less activity could signal lower enthusiasm. As a result, Dogecoin’s decreasing transaction volume and whale activity could signal some trouble for the meme cryptocurrency’s value in the coming weeks, primarily as it relies heavily on hype and popularity to drive up its market price.

At the time of writing, DOGE seems to be particularly facing resistance at the $0.083 price level. However, the decreased volume doesn’t necessarily mean Dogecoin is doomed, as the whale transaction count could pick back up shortly. 

dogecoin doge dogeusdt

The Dogecoin Foundation recently announced an ambitious 2024 roadmap in a recent blog post outlining the vision for the meme coin’s future. The renewed dedication to improving Dogecoin’s underlying technology, increasing its utility and mainstream adoption gives a glimmer of optimism. 

At the time of writing, DOGE is trading at $0.08235, up by 2.39% in the past 24 hours. Failure to break out of the resistance at $0.083 could mean a reversal to the $0.0816 level.

Cover image from Dall-E, chart from Tradingview

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Dogecoin Adoption Explodes In Stunning Move, Can DOGE Chart A Path To $0.2?

The Dogecoin adoption trend has taken the crypto market by surprise after the number of new wallets being created on the network skyrocketed. Last week, new wallet creations were the center of attention as more than 890,000 new DOGE wallets were added in a single week. This time around, a new Dogecoin metric is taking the stage.

New Non-Zero Dogecoin Addresses Rise Rapidly

In a new report, the on-chain data tracking platform Santiment has identified rapid growth in one Dogecoin metric and that is the number of new non-zero addresses. These addresses include those that were created in the last week and are holding more than 0.001 DOGE on their balances.

The report shows that this category of addresses jumped more than 400,000 in the space of two weeks. More specifically, 413,800 new wallets have been added in the last week, with DOGE balances ranging from between 0.001 and 1 DOGE. This earns them the classification of non-zero balances.

Interestingly, this rapid rise in adoption happened at a time when the DOGE price was struggling to hold up in the market. As Santiment notes in its post, the DOGE price is down more than 23%, while network adoption has been on a bullish run.

However, this rise in adoption does not have a positive effect on the DOGE price, suggesting that there isn’t demand among the investors. More than likely, these new non-zero wallets are created by existing users who are looking to take advantage of and trade the newly introduced DRC-20 token standard on the network.

Dogecoin price chart from Tradingview.com

DOGE Comes Under More Selling Pressure

The Dogecoin price could be looking at more struggles ahead as more sell-offs could be looming on the horizon. Whale Alert, a platform that tracks the origin and destination of large crypto transactions, has flagged a large DOGE transaction that has sparked speculation in the community.

According to the report, the whale sent a total of 100 million DOGE coins worth over $7.8 million to the Robinhood exchange. The destination of the transaction is important because usually when investors send coins to centralized exchanges such as Robinhood, the purposes are more than likely to sell. In this case, a $7.8 million sell-off could put further pressure on an already struggling DOGE price.

For the DOGE price to climb as high as $0.2, there would need to be a catalyst, such as Elon Musk announcing Dogecoin payments for X (formerly Twitter). If the entire crypto market continues to perform poorly though, then the DOGE price could fall as low as $0.07 before bouncing back.

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Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price?

 

DOGE The Dogecoin network is on a roll after a particularly disappointing performance leading up to the end of January. Usage on the network is beginning to pick up once more after the price made its way above $0.08. New adoption saw the highest spikes, as almost 1 million new DOGE wallets were created in a 7-day period.

890,000 New Dogecoin Wallets In One Week

According to data from the on-chain analytics platform, IntoTheBlock, the number of new addresses created on the Dogecoin network spiked significantly in the last seven days of January. The total number of new addresses created during this one-week period came out to a total of 890,000. However, the most interesting part is the spike that took place between January 28 and 29.

In the screenshot shared by IntoTheBlock on X (formerly Twitter), we can see that the majority of new wallets creation happened in a single day. The daily wallet creation went from an average of 60,000 leading up to January 28, and by January 29, around 240,000 new wallets were created in a single day.

The next day would see a slight decline from these 2024 highs. But by January 31, the numbers picked up once more. During this time, another 200,000 DOGE wallets were created in a single day, accounting for one of the largest spikes in new wallets on the network.

IntoTheBlock offered a possible explanation for the spike in new wallets which could be related to an increased interest in Doginals. Doom, a highly anticipated project, was launched on the Dogecoin blockchain, contributing to the spike. The on-chain tracker also added that “the rumors of Xpayments could be driving new users to Dogecoin.”

Dogecoin price chart from Tradingview.com

Machine Learning Algorithm Not Convinced On DOGE Price

Despite the increased interest in the Dogecoin network over the last week, the outlook for its native DOGE coin is still not favorable, according to the machine learning algorithm at CoinCodex. The algorithm has presented the likely movements of the DOGE price over the next few days to the next month, and they are far from bullish.

For the nearest term, the CoinCodex machine learning algorithm expects that there will be a small increase in price over the next five days, with an expected 1.54% rise. However, looking out in the long term, the algorithm expects a change in this positive momentum.

Over the next month, the AI expects that there will be an around 11.13% drop in price from the current levels. This would put the DOGE price at $0.071, pointing to the current sentiment toward the meme coin being rather bearish for now.

Nevertheless, Dogecoin is still holding on to its small gains of 0.7% over the last day, while maintaining its position as the 10th-largest cryptocurrency in the space with a market cap of $11.37 billion.

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Dogecoin On The Verge Of Breakout: Crypto Analyst Says Get Ready For DOGE To Pop

Dogecoin (DOGE) is getting ready to “pop,” as this crypto analyst predicts that the next move to the upside could see the meme coin break a critical resistance level. DOGE’s price has, in recent times, lived off the hype regarding several use cases that could be added for it soon. However, it remains to be seen if these narratives can propel the meme coin to hit new highs. 

Dogecoin Could Rise To $0.083 Soon

Crypto analyst Muro Crypto hinted in an X (formerly Twitter) post that another bounce by DOGE from its current support level might give it another push to break its current resistance levels. From the accompanying chart that he shared, one could see that the analyst was predicting that another move to the upside could see DOGE rise to as high as $0.083. 

In a previous X post, Muro had shared his belief that DOGE was going to pop soon enough. Not long after, the meme coin saw a move to the upside. However, that momentum didn’t last for long, as the analyst noted, with the meme coin dropping back to its entry point, halfway to the $0.83 target. 

It is worth mentioning that DOGE has recovered and risen above the $0.80 psychological level, something which could mean that it was gearing up for a further move to the upside. Mark Cuban revealed that his Dallas Mavericks team still receives Dogecoin as a payment method, which has partly contributed to this most recent price surge. 

The meme coin has also recently rallied on the back of speculations that the X platform could include DOGE as a payment method in its X Payments, which is expected to go live this year. The fondness that Elon Musk, who happens to own X, has for the meme coin is the primary driver behind this narrative. 

Dogecoin price chart from Tradingview.com (DOGE crypto analyst)

Another Factor That Could Spark A Surge In DOGE’s Price

Crypto analyst Ali Martinez revealed in an X post that the Dogecoin network has been witnessing a “remarkable surge in growth.” New addresses on the network are said to have increased by a remarkable 1,1000% over the past week. Specifically, he highlighted how a record-breaking 247,240 new DOGE addresses were created on January 29 alone. 

The analyst noted how a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. Usually, such a development means that more users are acquiring the meme coin, with an increased demand for the meme coin likely to spark a surge in its price. 

At the time of writing, DOGE is trading at around $0.081, up in the last 24 hours, according to data from CoinMarketCap. 

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Dogecoin Price Will ‘Moon’ If This Happens: Crypto Analyst

On Saturday, January 20, the Dogecoin price rose by more than 23% within 5 hours. As NewsBTC reported, the creation of the X Payments account was the cause of the sudden price increase, which reignited hopes within the community about the integration of DOGE. However, the speculative surge was short-lived, with only around 4% of the gains remaining at time of publication.

When Will Dogecoin Price ‘Moon’?

In a new analysis, Skew, a well-known figure in the crypto analysis sphere, has presented a nuanced perspective on the potential drivers for an lasting upswing of the Dogecoin (DOGE) price. Skew’s findings are grounded in both technical and speculative market dynamics.

Skew’s examination of the DOGE 4-hour (4H) chart revealed a “Nice pump after the creation of the XPayments account,” suggesting that the market is speculating about ‘X’ possibly integrating Dogecoin as a payment option. Despite the positive momentum, Skew emphasized that for a sustainable uptrend, DOGE needs to “properly reclaim the 1W pivot ($0.08750) & Yearly open there after.”

He stressed the importance of the price trend aligning with the 4-hour Exponential Moving Averages (EMAs) and a Relative Strength Index (RSI) consistently above 50. “Systematically, I’m looking for price to trend with 4H EMAs & RSI above 50 to sustain a real uptrend,” he stated.

Dogecoin price analysis

On the DOGE Binance spot market, Skew highlights a new price range formation, noting a significant spot demand zone around $0.07 and a large supply wall at $0.1. He pointed out: “New range being quoted here so far & clear larger range between current spot supply & demand.” Notably, large bids were filed during the recent move above $0.09

Dogecoin Binance spot analysis

Regarding the Open Interest (OI) and Delta on Binance and Bybit for DOGE, Skew observed a “substantial OI increase on this +13% price move & more perp volume seen than spot volume.” He suggested monitoring spot market flows for bullish indicators such as a spot premium leading price, spot limit bids on dips, and neutral funding rates to anticipate further gains.

Skew reflected on the previous DOGE rally linked to ‘X’, noting that “Clean systematic confirmations prior to narrative pump” were evident, but the rally faltered due to “loss of narrative buyers” after the DOGE logo was removed. For a significant DOGE rally, Skew asserted that the market needs four clear signs:

A real narrative this time,
key price level reclaim,
4H trend sustained,
[and] higher spot flows to support perp speculation.

Adding to Skew’s analysis, crypto analyst @DaanCrypto provided insights on the 1-day DOGE/USD chart, stating, “DOGE I’m not over complicating things. Nice hold of the Daily 200MA/EMA. Narrative surrounding XPayments picking up.” However, he cautioned that “we have no idea if anything will come from it,” advising a focus on higher timeframes for a margin of safety.

Dogecoin price

At press time, DOGE traded at $0.08276.

Dogecoin price

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Top Analyst Anticipates Dogecoin Surge To $0.10, But There’s A Catch

Elon Musk-backed meme coin Dogecoin (DOGE) has seen a significant price correction in recent days, falling over 14% in the past 30 days, due to the market’s waning sentiment surrounding the hype generated by the approval of Bitcoin Exchange Traded Funds (ETFs), and the lack of bullish catalysts.

After reaching an 11-month high of $0.1073 on December 11, 2023, DOGE witnessed a decline to the $0.0743 level. However, over the past 7 days, the meme coin has managed to break the downtrend, recording a 2% surge.

This positive movement has led a prominent crypto analyst to predict a potential upward movement towards the previously lost $0.10 mark. However, there is a crucial support cluster that the cryptocurrency must maintain for this anticipated rise to occur.

Rebound Opportunity For Dogecoin

Renowned crypto analyst Ali Martinez has provided insightful analysis on the prospects of Dogecoin following its recent price correction. Martinez has drawn attention to the TD Sequential indicator, a technical analysis tool used to identify potential trend reversals and price exhaustion points.

According to Martinez, the TD Sequential indicator has recently presented a buy signal on the 3-day chart of Dogecoin as seen in the chart below. 

Dogecoin

According to Martinez’s analysis, the TD Sequential indicator suggests a potential rebound opportunity for DOGE. However, he emphasizes the critical importance of a key support cluster centered around the $0.074 mark. Maintaining this support level is crucial for Dogecoin to realize its upward potential and regain positive momentum.

Key Levels To Watch 

In addition to this pivotal support, several other key levels should be closely monitored as they could significantly impact the future price action of the meme coin. 

The first noteworthy level is the support near $0.078. This level plays a vital role as a foundation for maintaining price stability. It represents a zone where buying pressure is expected to outweigh selling pressure, indicating a higher probability of DOGE sustaining its upward trajectory.

Another level of significance is the $0.075 level, which has recently demonstrated strong support for the token. Dogecoin has rebounded from this level and is currently trading just above it, reinforcing the importance of this price point in determining future price movements.

Conversely, resistance around $0.088 poses a significant barrier to DOGE’s continued upward movement. To sustain its positive trajectory and reach higher levels such as $0.09, the token must overcome this resistance. 

Subsequently, it would face further hurdles at the $0.940 and $0.9824 levels before attempting to regain the $0.10 mark.

Dogecoin

The future price movements of Dogecoin remain uncertain, and it is yet to be determined which side, whether bullish or bearish, will prevail. The outcome of this battle could significantly influence the mid-term direction of the token’s price.

Featured image from Shutterstock, chart from TradingView.com