Dogecoin has experienced a significant accumulation phase, with whales acquiring over 80 million DOGE in just 24 hours, indicating a potential breakout above $0.20. This surge in buying activity by major holders has coincided with a fresh wave of bullish sentiment as the memecoin rebounded from its local lows. At the time of writing, DOGE was trading at $0.1638, up 4.07% in the last 24 hours due to renewed interest from deep-pocketed investors positioning themselves ahead of a possible breakout.
After bottoming out within the critical demand zone between $0.14109 and $0.15200, DOGE has rebounded with strength and formed a higher-low structure supported by aggressive whale accumulation. The immediate resistance is around $0.20139, which acted as a reversal point in earlier rallies, with the next target at $0.24388. Sustaining momentum above $0.18 is crucial for DOGE to maintain bullish pressure and avoid potential retests of the demand zone.
In the derivatives market, Dogecoin’s Funding Rates across major exchanges, particularly Binance, stood at 0.009161%, indicating that long traders are willing to pay a premium to maintain their positions, reflecting a mild bullish sentiment. However, the lack of elevated rates suggests that traders are not overleveraging, reducing the risk of sudden corrections and creating a balanced environment for gradual upward movement without overheating risks.
On-chain activity for DOGE has shown signs of revival, with 68,324 daily active addresses and 40,514 transactions recorded, signaling a gradual re-engagement by users. Increased network usage often indicates speculative interest and new capital inflows, crucial ingredients for sustained price action. If this trend continues, it could provide the momentum DOGE needs to break through its resistance level.
The altcoin’s Stock-to-Flow ratio has spiked sharply to 128.94, its highest reading in months, indicating that market participants are increasingly viewing DOGE as scarce. This perceived scarcity could add upward pressure to long-term valuations, although investors should not rely solely on this metric for decision-making.
In conclusion, the combination of whale accumulation, a rebound from key technical levels, favorable funding conditions, and growing on-chain activity creates a strong foundation for a potential breakout for DOGE. While short-term volatility remains a factor, these metrics support a push towards the $0.20-$0.24 range. If bulls maintain pressure and retail interest increases, DOGE could be poised to reclaim a stronger bullish trend.
