Dogecoin Up 9% On The Week, Teases A ‘Bullish Breakout:’ Here’s What The Numbers Say
By Benzinga
Dogecoin’s (CRYPTO: DOGE) 9.3% gains over the past week have renewed traders’ calls for an uptrend of the languishing meme coin.
What Happened: Crypto technical chart analyst Ali Martinez sees Dogecoin hovering around a bullish breakout but predicts a “potential short-term correction before the next move.”
Crypto trader Kevin also sees a breakout attempt off the back of a perfect setup for a “pretty ferocious move out of this macro falling wedge.”
Trader Master Kenobi cautions not to underestimate Dogecoin, stating that if DOGE were to perform as in the first cycle (2017-2018), it would reach $1.55 on Dec. 9 and $7.78 on July 14, 2025. If the meme coin were to perform as in the previous cycle (2021), it would reach $2.8 on Dec. 9 and $25.8 on March 10, 2025.
Also Read: ‘Value Dogecoin,’ Says Lead DOGE Developer, Who Warns Of ‘Scammers And Grifters’ In The Space
Why It Matters: IntoTheBlock data shows an increase of 63.5% in large transaction volume and a rise of 8.5% in daily active addresses. Transactions greater than $100,000 are up from 195 to 299 transactions in a single day. However, exchange netflows are down by 252.4%.
Dogecoin co-founder Shibetoshi Nakamoto in an X post clarified that he has not created any cryptocurrency except Dogecoin in 2013 and has not worked on any cryptocurrency since 2014.
Coinglass data reports an increase of 1.2% in open interest to $535.14 million. Dogecoin’s Derivatives Data volume spiked by 25% in the past 24 hours.
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