Traders are increasingly buoyant about Dogecoin (DOGE) following its recent peak on July 20, marking a monthly high. While enthusiasm for the cryptocurrency is palpable, some experts advise caution before declaring a definitive bullish trend. According to CoinMarketCap, DOGE has experienced a 6% surge over the past 24 hours and has risen 6.64% over the last 30 days as the market rebounds.
In addition to price fluctuations, Dogecoin has witnessed a significant uptick in Open Interest (OI), the total value of outstanding futures contracts. CoinGlass data reveals a 15% increase in DOGE’s open interest, reaching $771 million over the past day—the highest level recorded for July. Furthermore, DOGE’s derivatives trading volume has spiked by 34%, climbing to $2.6 billion.
Pseudonymous trader EricCryptoman has highlighted that Dogecoin is undergoing a “textbook breakout & retest” scenario, potentially positioning it to outperform major cryptocurrencies like Ethereum and Solana. Another pseudonymous trader, known as ‘theunipcs,’ has praised DOGE for its “incredible strength,” suggesting that it is leading the memecoin rally and could influence other established memes. He also noted the strong correlation with Floki (FLOKI), which has recently experienced gains in tandem with DOGE.
Speculation is mounting regarding Dogecoin’s potential to replicate its previous meteoric rise following a Bitcoin halving. DOGE reached its all-time high of $0.73 on May 8, 2021, approximately one year after the 2020 Bitcoin halving. If historical patterns hold, Dogecoin could see another significant peak in April 2025, aligning with the next Bitcoin halving event.
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