DOGE Sprints to Two-Year High. Is the Rally Sustainable?

Dogecoin’s latest rally and growing holder base resembles the monumental 2021 run, but there’s a catch.

Dogs playing around with hovering Doge's in the green digital space.
Created by Kornelija Poderskytė from DailyCoin
  • Dogecoin’s wallet addresses scorch past the 6M mark, claiming a new all-time high.
  • As DOGE’s on-chain fees spiked by 739% in 2024, traders draw similarities to 2021.
  • Essential on-chain data unfolds mixed signals, as bears haven’t retreated yet.

Dogecoin (DOGE) embarked on the most tremendous bull run in the last two years, racing past $0.13 for the first time since Elon Musk acquired Twitter for $44 billion in late October of 2022. Riding on Bitcoin’s hype due to its ultra-high price correlation with BTC, the top dog coin also has its reasons for the massive spike.

Judging from the fundamental on-chain metrics, Dogecoin’s new addresses have spiked by 21.3% in the last seven days, which contributed towards a 164% increase in collected fees on the largest Proof of Work (PoW) blockchain aside from Bitcoin (BTC). As public interest in DOGE has rebounded after a relatively calm 2023, transaction fees have increased by 739% since the beginning of 2024, according to IntoTheBlock.

Dogecoin's garnered transaction fees, according to on-chain data.
Dogecoin’s garnered transaction fees, according to on-chain data by IntoTheBlock

This is further confirmed by the milestone of 6 million crypto addresses, uncharted territory for DOGE, as the canine coin had 3.44 million addresses when it hit its $0.73 all-time high on May 8, 2024.

Is DOGE Ready to Repeat Its Landmark 2021 Run?

Several experienced cryptocurrency traders have drawn similarities between DOGE’s price action in 2021 and 2024, as portrayed in a Crypto Daily Trade Signals graph. Veteran crypto analyst Ali Martinez insisted that Dogecoin is following previous patterns and could be inclined to a “parabolic breakout around April” if the price movement continues to resemble the 2021 bull run.

However, the technical implications suggest that the crypto bulls haven’t fully conquered Dogecoin. To illustrate, the Relative Strength Index (RSI) on the daily charts implies that DOGE is at an inflection point due to the extremely overbought position at 96 RSI. Meanwhile, large transactions on the network dropped by 9% despite some hefty whales topping up their bags.

Dogecoin is currently exchanging hands at $0.125 with a 3.6% deficit due to the incoming market correction over the last 24 hours. Dogecoin’s bullish outbreak has raised its price by 58.2% in the last 30 days. Still, the way up heavily depends on Dogecoin’s speculated adoption cases, like the integration into X’s peer-to-peer transaction system.

On the Flipside

  • While the technical DOGE price movement patterns have similarities with the 2021 bull run to $0.73, it’s worth noting that the social media attention and public mass appeal sparked by Elon Musk’s public introduction to Dogecoin played a key role in the 2021 rally.

Why This Matters

Dogecoin is the largest Proof of Work blockchain besides Bitcoin, while the memecoin’s mass appeal has been known to spark market-wide rallies.


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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.