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 Despite the price collapse on Dogecoin (DOGE)’s daily chart, its key indicators are still showing bullish momentum. According to data from CoinMarketCap, Dogecoin’s trading volume has surged 62% in the past 24 hours. DOGE trading volume now exceeds $2 billionAs of press time, DOGE trading volume has soared to more than $2 billion, a 62% surge from the previous day. The increase in trading volume indicates increased market activity for Dogecoin. This means investors are still interested in holding this top meme coin. Increased volume usually indicates increased investor interest and could drive continued price gains. With key support near $0.20, analysts predict potential future gains of 60%, with a price target of $0.32. This forecast is consistent with expectations for a higher close in October this year. In line with the broader “October Uptrend,” Dogecoin has risen for four consecutive years starting in October 2021. according to Cryptorank data, DOGE rose by 37%, 105.8%, 9.84% and 41.4% in October 2021, October 2022, October 2023 and October 2024 respectively. Although DOGE is down 13.2% so far this month, investors remain bullish on the currency rising through the end of October 2025. Furthermore, technical analysis shows that Dogecoin is about to experience a bullish breakout. Notably, its price has formed a symmetrical triangle pattern on the 12-hour chart. This consolidation phase usually occurs after a sharp move higher, indicating that the bullish trend may continue. Factors leading to surge in trading volumeMeanwhile, Dogecoin’s price has yet to reflect the increase in trading volume. In the past 24 hours, the price of Dogecoin fell by 0.24% to close at $0.2022. Therefore, the trading volume (surge) seems to be closely related to the overall rebound in the cryptocurrency market. The market's top cryptocurrency, Bitcoin, is climbing to $115,000, and Ethereum is also close to $4,200. Another key development that could lead to a surge in trading volume is the recent surge in Dogecoin whale activity. According to USA Today,Dormant Dogecoin WhaleWith 36 DOGE seeds, a recent transfer of $26.8 million was made to Binance. Since activation, the wallet has accumulated considerable positions, directing the majority of DOGE tokens to Binance. Prior to this transaction, another dormant DOGE whale resurfaced,Transfer 15.115 million DOGE, worth approximately $2.95 million, from Binance. |
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