Dogecoin (DOGE) Value Surge: 200% Goal in Sight

Current on-chain information reveals that short-term buying and selling exercise for meme cash has been rising, which could lead on the Dogecoin worth to rally.

Recent on-chain data reveals that short-term buying and selling activity for meme coins has been rising, which could lead the Dogecoin price to rally.

Dogecoin’s latest 65% price retracement aligns with the historical pattern following a breakout from a multi-year descending triangle, setting the stage for a possible bull rally.

Dogecoin Price Surge: 200% Target In Sight

Crypto analyst Ali Martinez has highlighted the potential for a big movement in Dogecoin price. According to Martinez, the DOGE price is currently breaking out of a multi-year descending triangle pattern. This has traditionally signaled major price increases.

In previous instances, the memecoin experienced a 200% surge following similar breakouts. However, it subsequently saw a 60% retracement before embarking on a more substantial bull run.

For historical analysis, Martinez pinned three breakouts similar to what they observed this year since 2015, each moving upward with great momentum. If history is to repeat itself, a mid-term rally could push Dogecoin price by 200% up to $0.2236. That level was last seen in December 2021.

The coin has retreated to the current price of $0.1112, representing a 2.92% gain in the last 24 hours. However, that historical trend seems promising. The broader market conditions, including macroeconomic and investor sentiment views, will likely shape its course in the coming weeks.

Adding to the bullish sentiment, whale activity around Dogecoin also intensified, with whales accumulating 2.07B DOGE in just one week.

This marks the largest accumulation of this token by whales since January. It also signifies strong interest from large holders and likely setting the stage for a significant price movement.

This, however, might not have been entirely surprising. Recently, when the crypto market experienced a sudden wave of selling pressure, Dogecoin price showed resilience, posting a gain.

In the last week alone, some 110,000 short-term traders have traded Dogecoin, far outpacing its closest rivals, Shiba Inu, DEGEN, and Pepe. This surge in trading volume indicates that traders looking to make a quick kill in the markets for meme coins continue to find this memecoin an attractive option. That could imply more speculation or a renewed focus on DOGE, which leads the meme coin market.

DOGE Community Back In Action With Active Addresses Surge

To begin with, it should be underlined that historically, whenever Dogecoin price has broken out of its multi-year descending triangle pattern, this has been followed by a critical rally in price, with returns of around 200%.

Following that initial surge, the market usually undergoes a retracement of about 60%. This has typically formed a consolidation before the next major uptrend. If history is any guide, this breakout could be the starting line of another strong rally.

Active DOGE addresses have recently surged to 133,880, marking the highest level in the past eight months.

This substantial increase highlights a resurgence in interest within the DOGE community, especially as new users flock to the network.

Analysts attribute this growth to a combination of factors, including a broader positive sentiment in the market and an increasing number of wallets, which reached over 90 million. The surge in active addresses reflects a spike in participation. It also hints at potential bullish momentum for DOGE moving forward.

The meme coin reached a peak as recently as September 28, 2024, when DOGE touched $0.1350. It has since lost around 15% of that value. It has nevertheless gained some steam at the beginning of October.

At the time of writing on October 12, DOGE was trading at $0.1111, representing a 2.64% week-over-week rise. Analysts remain upbeat that DOGE might rise to $0.1315 this month and have rising whale interest to support such a rebound.

According to recent Santiment data, whales holding between 1 and 10 million DOGE in wallets continued to aggressively accumulate DOGE. This has been ongoing since October 2024, even with great volatility in prices. This could be a sign that larger holders appear quite confident in the coin’s future potential.

Historically, when this accumulation trend emerges, it has usually aligned with a market bottom and signaled a possible price reversal. If the pattern holds, then Dogecoin price may be getting ready for a huge upward movement in the near term, as confidence among these “whale” investors usually precedes market rebounds.

Whale Accumulation And New Users Fuel Dogecoin’s Rise

Speculation is well underway over Dogecoin’s future trajectory, which is seeing remarkable growth, especially in active addresses and whale accumulation.

For instance, the rise in active addresses denotes that new users are