Recent on-chain data indicates increasing short-term trading activity for meme coins, potentially setting the stage for a Dogecoin price rally. After a 65% retracement, DOGE appears primed for a bull run, following its typical pattern after breaking out of a multi-year descending triangle.

Analyst Ali Martinez highlights a potential 200% surge for Dogecoin, targeting $0.2236 – a level not seen since December 2021. This projection is based on historical breakout patterns dating back to 2015. While DOGE has retreated to $0.1112, representing a 2.92% 24-hour gain, the overall trend remains promising.

Whale activity around Dogecoin has intensified, with large holders accumulating 2.07B DOGE in just one week – the most significant accumulation since January. This whale interest, combined with DOGE’s recent resilience during market-wide selling pressure, suggests growing confidence in the token.

Trading volume for Dogecoin has surged, with 110,000 short-term traders active in the past week, outpacing rivals like Shiba Inu, DEGEN, and Pepe. This increased activity could signal renewed focus on the leading meme coin.

The DOGE community has seen a resurgence, with active addresses reaching 133,880 – an 8-month high. This spike in network participation, coupled with the total number of wallets surpassing 90 million, hints at potential bullish momentum.

Whale accumulation trends often precede market rebounds, and current data shows aggressive buying from wallets holding 1-10 million DOGE. This accumulation has persisted despite price volatility, suggesting confidence in DOGE’s future potential.

While speculation mounts over Dogecoin’s trajectory, the influx of new users and growing whale interest paint a bullish picture. However, as with all cryptocurrencies, DOGE remains subject to market volatility. The combination of a strong community, high-profile endorsements, and increasing adoption could position Dogecoin for significant growth, potentially shedding its meme currency image in favor of a more serious cryptocurrency status.