By Key Points
- Dogecoin accumulation surged by 2.07 billion tokens in a week, signaling increased interest.
- Despite an 8.87% price dip, trading volume jumped 32.8% to $810 million.
- Daily active addresses and large transaction volumes spiked, indicating potential bullish momentum.
- Options activity rose sharply, suggesting investors are anticipating a price rally soon.
Dogecoin accumulation has taken center stage as holders scooped up a staggering 2.07 billion DOGE tokens within the last week.
This substantial buying activity occurred during a volatile phase for the meme coin, marked by an 8.87% price dip to $0.1076.
Despite the recent downtrend, this surge in accumulation signals growing interest in the token, potentially setting the stage for a price rally.
With trading volume soaring by 32.8% over the past day, reaching $810 million, it seems market participants are betting on a rebound.
A similar wave of accumulation in January 2024 saw DOGE’s price skyrocket by 182.43%, suggesting that history might be gearing up to repeat itself.
Dogecoin holders pile on 2.07B tokens: Sign of DOGE’s rally?: Dogecoin holders accumulated 2.07 billion tokens over the past week. DOGE has declined by 8.87% on the weekly charts. Over the past week,… https://t.co/PLaMmgMAGy #Dogecoin #DOGE #cryptocurrency #memecoin #rally pic.twitter.com/VsLpL3ZKPD
— Voice Press (@VoicePressNews) October 9, 2024
Rising Metrics Point to a Bullish Outlook
The recent surge in Dogecoin accumulation is supported by positive on-chain metrics. Daily active addresses on the Dogecoin blockchain have jumped from 66,490 to nearly 89,920.
This uptick in activity suggests more users are transacting and engaging with DOGE, possibly preparing for an anticipated price breakout.
Large transactions also surged significantly, with the volume climbing from 4.81 billion to 10.27 billion DOGE.
Whale interest is on the rise, indicating that big investors are positioning themselves for a potential rally. Additionally, the number of large transactions increased from 956 to 1,100, reflecting increased market activity.
Options Market Signals a Potential Breakout
Dogecoin’s options market also shows strong bullish signs. Options volume saw a massive jump of 576.95% to reach $86.78 million, while open interest climbed by 126.25% to $148.32k.
Such growth in options activity typically hints at rising expectations of price movement, with investors likely betting on a bullish trend.
A breakout above the $0.11105 resistance could open the door for Dogecoin to target higher levels, with $0.128 and $0.134 being the next milestones.
If the ongoing accumulation trend continues, DOGE may be poised for a significant rally.
