Dogecoin (DOGE) Looks Ready to Break Out, Eyeing Its Q4 Rally High of $0.48 From Last Year

With a DOGE ETF creating ‘sell-the-news’ buzz and its growing influence in U.S. politics, the coin is just 16% shy of its post-election surge.

Dogecoin [DOGE] has surged over 6% on the day, eyeing its Q4 rally high of $0.48 from last year. But why?

With a DOGE ETF creating ‘sell-the-news’ buzz and its growing influence in U.S. politics, the coin is just 16% shy of its post-election surge. So, could HODLers finally see their patience rewarded?

Don’t get swayed

With all the “hype” around Dogecoin, including its symbol showing up in important places, that 16% spike doesn’t seem too far off.

Add in the growing interest in a DOGE ETF, and we might just be seeing the memecoin’s transition into a legitimate asset class.

Traders are clearly taking note: Open Interest (OI) has surged 7%, now back above $5 billion, and the neutral RSI points to more potential ahead.

But that’s not all. In just 24 hours, wallets holding 10 million to 1 billion DOGE tokens scooped up an additional 590 million coins, fueling Dogecoin’s 6% surge.

Clearly, FOMO is back and the “sell-the-news” moves have been bought up fast.

But here’s the catch. The same wallets that scooped up 590 million DOGE have also been unloading billions, dropping their holdings from 50 billion to under 47 billion in just a week.

What does this mean for DOGE? It sparked a sharp 10% jump, breaking the crucial $0.40 resistance, a level last reached during the Trump rally in mid-November.

But in a classic fashion, it quickly retraced, falling back to $0.35 in just three days.

Still, with the hype still alive, whales buying the dip, and the broader market showing signs of strength, could Dogecoin be ready for its next 16% surge, or is it just another flash in the pan?

Is Dogecoin worth the risk?

HODLers are on the edge, waiting for Dogecoin to break out and finally reward their six-week wait since it last hit $0.48.

But the ride isn’t smooth. The 10% jump in DOGE also aligned with the launch of the TRUMP memecoin, injecting fresh capital into the market.

But within days, both big and small traders pulled out, cashing in on their gains.

This sharp exit highlights the growing skepticism about Dogecoin’s long-term “value”, turning it into a riskier play. As attention shifted to new memecoins, DOGE saw a significant drop in liquidity, with $5 billion in sell-offs.

So, despite the hype, a 16% jump for Dogecoin still feels far off unless the market breaks out.

Right now, that 6% spike looks like a temporary blip, especially with $8.91 million in long positions getting squeezed.

Stay cautious – don’t let the noise sway you. The facts are telling a different story.