- Dogecoin’s worth elevated by greater than 12% within the final seven days.
- Most market indicators and metrics appeared bullish on the meme coin.
Like most cryptos, Dogecoin [DOGE] was additionally having fun with a cushty bull rally. Nevertheless, issues might get even higher, because the meme coin gave the impression to be mimicking a sample that it adopted in a earlier cycle.
Dogecoin may repeat historical past
Based on CoinMarketCap, DOGE bulls bucked up final week because the meme coin’s worth surged by greater than 12%. The bull rally was nowhere from stopping as DOGE’s worth elevated by over 4% within the final 24 hours.
On the time of writing, DOGE was buying and selling at $0.1724 with a market capitalization of over $29.4 billion.
Within the meantime, Mags, a preferred crypto dealer and analyst, posted a tweet highlighting an fascinating growth.
Per the analyst, the buildup part has ended for Dogecoin, which is the precursor to an enormous bull rally. In reality, the attainable bull rally may permit DOGE to extend its worth by sevenfold.
Notably, this wasn’t the primary time DOGE was performing like this. Mags’ tweet additionally identified an identical development throughout DOGE’s final cycle in 2021.
Throughout that point, the top of DOGE’s accumulation part triggered a bull rally, inflicting DOGE’s worth to extend 170 instances.
Do metrics help a bull run?
AMBCrypto then analyzed Dogecoin’s on-chain knowledge to see whether or not it additionally hinted at a continued worth improve.
As per our evaluation, Whale Exercise round DOGE remained excessive all through the final week as its whale transaction counts elevated. Its MVRV ratio elevated, hinting extra buyers had been in revenue.
Its Velocity additionally remained up, that means that DOGE was getting used extra typically in transactions inside a set timeframe.
After a pointy decline, Dogecoin’s Weighted Sentiment improved, suggesting an increase in bullish sentiment.
![Whale activity around Dogecoin increased](https://ambcrypto.com/wp-content/uploads/2024/05/Dogecoin-DOGE-13.47.30-26-May-2024.png)
![Whale activity around Dogecoin increased](https://ambcrypto.com/wp-content/uploads/2024/05/Dogecoin-DOGE-13.47.30-26-May-2024.png)
Supply: Santiment
Nevertheless, there have been probabilities of DOGE witnessing a worth correction quickly. At press time, DOGE’s fear and greed index had a worth of 64%, that means that the market was in a “greed” part.
At any time when the metric reaches that degree, it signifies that bears may step in and push an asset’s worth down. Nonetheless, market indicators remained bullish on the meme coin.
Real looking or not, right here’s DOGE’s market cap in BTC phrases
As an example, the Chaikin Cash Movement gained upward momentum and was headed above the impartial mark.
On prime of that, the Cash Movement Index (MFI) was additionally nicely above the impartial mark, hinting at an additional worth improve within the coming days.
![](https://ambcrypto.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-26_13-50-55.png)
![](https://ambcrypto.com/wp-content/uploads/2024/05/DOGEUSDT_2024-05-26_13-50-55.png)
Supply: TradingView