Dogecoin (DOGE) Wakes Up, Here’s What Tagged The Sleeping Giant and Meme Coin King

The original meme cryptocurrency Dogecoin has shown signs of life recently after a prolonged period of lackluster price action. According to analysts, a combination of positive technical and on-chain factors have ignited bullish momentum for DOGE.

Breaking Out of Long Consolidation

As noted by @Cryptoinsightuk, from a technical perspective, Dogecoin has broken out of a massive 2.5 year consolidation pattern. The breakout came with strong bullish volume showing conviction behind the move. @Cryptoinsightuk points to the formation of higher lows and higher highs in DOGE, signaling a potential new uptrend.

Surging On-Chain Volume

Source: Santiment – Start using it today

On the fundamental side, @santimentfeed highlights a recent surge of on-chain transaction volume for Dogecoin. Volume spiked to $665 million, the highest amount seen in three months. Rising on-chain activity indicates growing usage and interest in the sleeping giant DOGE.

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Traders Jump on Board

With both technical and on-chain factors turning favorable, traders have jumped on the Dogecoin bandwagon, betting on further upside. @santimentfeed notes a significant amount of long positions being opened for DOGE as confidence builds in the resurgence of the meme coin king. After months of rangebound action, the DOGE appears to finally be stirring awake once more.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.