Dogecoin (DOGE) Could See New Leg Up as Onchain and Technical Metrics Show Promise

February 12, 2025

Yesterday, news broke out that there will be weekly livestreams featuring Elon Musk and Vivek Ramaswamy, where they discuss recent developments in the Department of Energy (D.O.G.E.). Of course, almost immediately, tokens on both Ethereum and Solana's ecosystem were created with the same name. We will be focusing mostly on the one on Ethereum since in this ecosystem there are more PolitFi traders who can drive the price up. Is Dogecast the Next Big Meme Coin? Current market cap of Dogecast on this network is around $7 million and this could potentially go much higher, especially when Elon starts tweeting about it. He actually already confirmed 2 days ago that there will be weekly updates about DOGE. However, he still needs to use the actual word "Dogecast" and this could go bananas. https://twitter.com/DogecastETH/status/1857685094166667413 A lot will also depend on how frequently Elon discusses this topic and when the podcast actually launches. According to reports, it's starting "soon," and once the official date is announced, it could potentially benefit the price as traders will have a specific date to focus on. This kind of concrete timeline often creates anticipation in the market. Of course, note that this is a new meme coin that relies mostly only on a narrative that could be hot in the upcoming days but it also depends on their CTO and team. If they decide to rug pull, it can easily go to 0. However, if they don't do that and narrative stays hot, we are potentially looking at $50 million market cap or even $100+. Remains to be seen in any case.

Dogecoin on-chain metrics have been painting an increasingly optimistic picture, according to renowned crypto analyst Ali. The meme cryptocurrency has maintained steady momentum across several key indicators, suggesting a potential bullish phase ahead.

The daily active addresses on the Dogecoin network have remained stable, demonstrating sustained user engagement despite market volatility. This consistency in network participation has caught the attention of analysts, including Ali, who sees it as a promising sign for DOGE future price action.

#Dogecoin $DOGE activity has been steady, with daily active addresses, transactions, and whale movements at key levels. A surge in these metrics could signal the start of a new leg up! pic.twitter.com/dBCd6FrG5b
— Ali (@ali_charts) February 12, 2025

Transaction activity on the Dogecoin blockchain has held steady at significant levels, pointing to continued adoption and utility. As Ali notes, these sustained transaction rates often precede major price movements, particularly when combined with other positive indicators.

Large wallet holders—commonly known as whales—have been showing noteworthy activity patterns. According to Ali’s analysis, these whale movements have reached crucial threshold levels that historically correlate with significant price action.

Ali emphasizes that while current metrics are encouraging, a substantial increase in these indicators could trigger DOGE’s next significant price movement. The confluence of steady network activity, transaction volumes, and whale movements creates a foundation for potential upward momentum.

DOGE Price Action Looks Promising

As it is already showing signs of reversal following several weeks of downward movement, after a dip to around $0.20, DOGE quickly rebounded to around $0.26, and it has since been consolidating between $0.239 and $0.269.

With the sideways movement, positive on-chain metrics could easily push the price upward to start a recovery. The resistance at $0.30 will be tested and will need to give way for further price increases.

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