While Bitcoin is attempting to maintain the $90,000 resistance levels for an all-around rebound rally, Dogecoin (DOGE) supporters took it upon themselves to boost the canine coin back above $0.20. Indeed, the key drivers behind Dogecoin’s slight rebound rally are the staggering trading volume of $1.64 billion in 24 hours on Spot & a new record in registered wallets.
This time, prominent crypto analyst Ali Martinez has drawn the public’s attention to the constant growth of Dogecoin’s Proof of Work (PoW) network addresses. Counting over 83.48 million crypto wallets, the largest memecoin showcased exponential growth since late January 2025, when DOGE garnered massive retail attention at the year’s highest point of $0.424.
Are Dogecoin Whales Snapping Up More DOGE?
According to real-time stats from blockchain data aggregator Nansen, the 24-hour tendency is showing signs of whale accumulation. With $1.25 million DOGE leaving exchanges in 24 hours rather than being poured in, this hints at some larger crypto investors, whether whales or sharks, already assuming Dogecoin (DOGE) accumulation positions.
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To illustrate, crypto analyst Surf posted a historical Dogecoin (DOGE) price chart, dating back to 2014. Comparing 2017 to the current price movement, the experienced crypto pundit believes in upward potential for Dogecoin (DOGE) in a similar way to the first spike in January 2018, when DOGE went from fractions of a cent to $0.015.
During the first noticeable run for DOGE back in 2018, the price movement depicted in the green preceded a triple-digit rally before finding support after a phased crypto market correction. However, to tackle the long-term Dogecoin (DOGE) price goal of $1, the top dog crypto would firstly have to recoup the levels from May, 2021.
After reaching $0.7316, Dogecoin (DOGE) backtracked 72% from this price milestone, bouncing back from as low as $0.056 in late 2022 after the FTX fiasco. Notably, it would take a 500% bull run for DOGE to reach the $1 price target for the first time ever. As of press time, the top dog memecoin is switching hands at $0.202, according to CoinGecko.
On The Flipside
- Besides historical price data, Dogecoin’s adoption as the second largest Proof of Work (PoW) network could be instrumental in the coin’s long-term success.
- The U.S. Securities and Exchange Commission (SEC) is reviewing Grayscale’s application for a Dogecoin exchange-traded fund (ETF) due by October, 2025.
Why This Matters
The largest meme coin is built on a huge meme-loving crypto community, producing billions in trading volume every day. Publicity and retail interest has historically proven to be the main catalysts behind Dogecoin’s bull rallies.
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