Key Insights:
- Dogecoin’s trading volume surged 62%, surpassing $2 billion, signaling ongoing investor interest and market activity.
- Despite a slight price dip, analysts expect DOGE could see up to 60% gains, with a potential target of $0.32.
- Whale movements and bullish technicals indicate a possible breakout for DOGE, aligning with historical “Uptober” trends.
Dogecoin (DOGE) has shown a notable increase in trading volume despite experiencing a slight dip in its price. According to CoinMarketCap, DOGE’s trading volume surged by 62% in the past 24 hours, reaching over $2 billion. This dramatic spike reflects heightened market activity and suggests that investors remain confident in the coin’s future potential.
While Dogecoin’s price fell by 0.24% in the last 24 hours, trading volume continues to rise. The $2 billion trading volume marks a significant shift, indicating sustained investor interest in accumulating the popular meme coin. Increased volume is often linked to price movements, with analysts forecasting potential gains of up to 60%. Some experts predict DOGE could target $0.32, supported by strong market activity and a key price support level of $0.20.
Uptober Trend Aligns with Market Sentiment
October has historically been a strong month for Dogecoin. For the past four years, DOGE has closed October in the green, with gains of 37%, 105.8%, 9.84%, and 41.4% in 2021, 2022, 2023, and 2024, respectively. Although the coin is currently down 13.2% this month, bullish sentiment remains. Many investors believe the upward trend will continue, especially considering the broader market rally, with Bitcoin nearing $115,000 and Ethereum approaching $4,200.
Technicals also support the bullish outlook for Dogecoin. The 12-hour chart shows a symmetrical triangle pattern, often associated with price continuation after a major upward move. This chart pattern suggests that DOGE might be poised for a breakout in the near future, reinforcing the market’s positive sentiment despite the recent price downturn.
Whale Activity Contributes to Market Activity
A significant driver behind the recent surge in DOGE trading volume could be the re-emergence of Dogecoin whales. One notable whale recently executed a $26.8 million transfer to Binance, marking a major move within the Dogecoin community. Additionally, another dormant wallet transferred over 15 million DOGE worth nearly $3 million, further fueling speculation of a bullish rally.
