Dogecoin (DOGE) has been on a remarkable upswing, rallying alongside Ethereum over the past week and recording a 38% gain in May, its strongest monthly performance this year. According to CoinGecko, the memecoin registered $4.7 billion in trading volume over the past 24 hours, ranking fifth among the top cryptocurrencies, excluding stablecoins. This surge in market activity is underpinned by strong on-chain metrics, suggesting that DOGE may be gearing up for another breakout.
On-Chain Metrics Signal Accumulation Phase for DOGE
Data from CryptoQuant reveals that Dogecoin’s spot taker 90-day cumulative volume delta (CVD), which measures the net buying and selling volume, is currently “taker buyer dominant.” This indicates aggressive buying activity, a pattern last observed in November 2024 before DOGE’s explosive 385% rally to $0.48. Additionally, the long-term holder net unrealized profit/loss (NUPL) metric, which assesses the unrealized profits or losses for holders with a lifespan of over 155 days, has crossed the 0.5 mark for the first time since March 2025. A NUPL above 0.5 suggests that most holders are in profit, reinforcing confidence and reducing the likelihood of selling pressure.
Analysts Eye $1 Target as DOGE/BTC Chart Shows Bullish Setup
Anonymous analyst Trader Tardigrade has highlighted a bullish setup for the DOGE/BTC trading pair, reminiscent of Dogecoin’s historic 30,000% rally from $0.0024 to $0.739. Tardigrade noted that the current market structure mirrors past breakout patterns, suggesting a potential rally if Bitcoin enters a consolidation phase. Additionally, the weekly MACD for DOGE has triggered a bullish crossover for the third time since 2024. Previous crossovers have been followed by substantial rallies, with DOGE gaining 180% between January and March 2024 and 385% between September and December 2024.
Also Read: Dogecoin (DOGE) Breaks Out with 12% Spike – Will Bulls Push to $0.286?
Crypto trader Javon Marks echoed this sentiment, projecting a near-term target of $0.65, with the possibility of hitting $1 if the current uptrend persists. Marks emphasized that Dogecoin’s higher lows and robust market strength could drive prices higher, setting the stage for a substantial upside.
Will DOGE maintain its momentum and achieve its ambitious $1 target, or is a correction looming? All eyes remain on key resistance levels and Bitcoin’s next move
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
