According to CoinGecko, Dogecoin recorded a staggering $4.7 billion in 24-hour trading volume, placing it fifth among the most traded cryptocurrencies (excluding stablecoins). The meme coin’s growing momentum is underpinned by robust on-chain data, technical patterns, and positive sentiment from both retail and long-term investors.
Data from CryptoQuant reveals that DOGE’s 90-day spot taker cumulative volume delta (CVD) is currently in a “taker buyer dominant” phase. This metric, which tracks the net buying and selling volume on spot markets, shows that aggressive buyers are currently outpacing sellers. a pattern reminiscent of the late 2024 rally when Dogecoin soared by 385% to $0.48.
This bullish buying behavior is usually a strong indicator of market demand and investor confidence, particularly when aligned with historical patterns. Notably, the last time this metric showed similar behavior was in November 2024, which marked the beginning of DOGE’s breakout rally in Q4 2024.
Another encouraging on-chain indicator is Dogecoin’s Net Unrealized Profit/Loss (NUPL) for long-term holders.
According to data from Glassnode, the NUPL recently crossed the 0.5 threshold, reaching “belief” territory, a sign that most long-term holders (those holding DOGE for over 155 days) are sitting on unrealized profits.
Source: Glassnode
A NUPL above 0.5 suggests that holders are more likely to hold onto their assets instead of selling, contributing to price stability and upward momentum. The last time DOGE reached this sentiment level was March 1st, 2025, before another price uptick.
This optimistic sentiment aligns with broader market accumulation trends and confirms that the current rally is not just speculative but grounded in long-term investor confidence.
Popular analyst ‘Trader Tardigrade’ highlighted a compelling pattern in the DOGE/BTC trading pair, noting similarities to Dogecoin’s historical mega-rally in 2021 when it surged 30,000% from $0.0024 to $0.739.
According to the analyst, Dogecoin could be on the verge of repeating that pattern. The chart illustrates a fractal setup indicating a possible parabolic rally once Bitcoin enters a consolidation phase.
Source: TradingView
Historically, Dogecoin has maintained a 0.67 correlation with Bitcoin, based on Macroaxis data. This strong relationship suggests that any sideways or bullish movement in Bitcoin can provide the perfect backdrop for Dogecoin to shine.
Dogecoin recently exhibited a weekly MACD bullish crossover, the third such occurrence since early 2024. Each prior crossover has been followed by massive breakouts:
Given this pattern, Trader Tardigrade now forecasts an immediate $1 target for Dogecoin if the crossover plays out similarly.
Another bullish perspective comes from crypto analyst Javon Marks, who emphasized that Dogecoin has been setting higher lows, a classic bullish signal. Marks believes the next immediate target lies at $0.6533, representing an additional 180% upside from current levels.
He stated:
“$DOGE is now showing MAJOR STRENGTH after setting Higher Lows! $0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play.”
This aligns with the technical and on-chain signals, all of which suggest that Dogecoin could be primed for another explosive rally in the coming weeks.
With robust on-chain fundamentals, historical technical setups, and high trading volumes, Dogecoin is looking more bullish than it has all year. The convergence of long-term holder confidence, aggressive spot buying, and positive momentum indicators point to continued upside.
While crypto markets remain volatile, the stars appear to be aligning for DOGE. If Bitcoin stabilizes or trends higher, the meme-powered favorite could soon revisit, or even surpass, the $1 milestone.
Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!
Content Strategist
Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!
