Dogecoin (DOGE) has been making headlines with a recent 9.3% surge over the past week, rekindling hopes of an uptrend for the meme coin.
While some crypto analysts are optimistic, with predictions of a potential bullish breakout, others are urging caution. Crypto technical chart analyst Ali Martinez, for instance, believes Dogecoin is hovering around a breakout but anticipates a “potential short-term correction before the next move.” This is supported by the Stochastic RSI, which has just experienced a bearish crossover, signaling a possible dip before any further upward momentum.
Trader Kevin, meanwhile, observes a breakout attempt from a perfect setup for a “pretty ferocious move out of this macro falling wedge.” However, cautionary notes have also been sounded. Trader Master Kenobi emphasizes that Dogecoin shouldn’t be underestimated, pointing to the potential for a repeat of its previous bull runs. If DOGE were to replicate its performance from 2017-2018, it could reach $1.55 on December 9, 2024, and $7.78 on July 14, 2025. A similar trajectory based on the 2021 cycle would see DOGE hitting $2.8 on December 9, 2024, and $25.8 on March 10, 2025.
The recent surge in Dogecoin’s price has been accompanied by increased on-chain activity. IntoTheBlock data shows a 63.5% increase in large transaction volume and an 8.5% rise in daily active addresses. The number of transactions exceeding $100,000 has jumped from 195 to 299 in a single day. However, exchange netflows are down by 252.4%, suggesting potential profit-taking activity.
Amidst the excitement, Dogecoin co-founder Shibetoshi Nakamoto took to X (formerly Twitter) to clarify that he has only created Dogecoin and hasn’t worked on any other cryptocurrency since 2014.
Adding to the mix, Coinglass data reveals a 1.2% increase in open interest to $535.14 million. Meanwhile, Dogecoin’s Derivatives Data volume surged by 25% in the past 24 hours.
While the recent gains have sparked optimism, it’s important to remember that Dogecoin remains highly volatile, and its future performance is uncertain. Analysts advise traders to remain vigilant and manage their risks carefully.
