Whales and Social Buzz Propel Dogecoin Toward $0.42
Dogecoin (DOGE) confirmed a textbook double bottom breakout after clearing the $0.24–$0.25 neckline. The token traded around $0.2525 at press time, up over 5% in 24 hours, with daily volume surging more than 100%. Whale accumulation reached 1.08 billion DOGE over 48 hours, signaling strong institutional interest and added liquidity. Social dominance rose to 3.57%, its highest level since early Q1 2025, indicating renewed retail engagement.
On-chain metrics show the MVRV Z-score climbed to 1.35, suggesting many holders are in profit, while the NVT ratio hit 121, warning of potential overvaluation if network usage lags price gains. Key resistance lies at $0.30; a sustained break above this level could set DOGE on a path toward the $0.42 target implied by its double bottom pattern. Traders should monitor trading volume, on-chain demand and potential profit-taking near psychological levels.
Bullish
The confirmed double bottom breakout above the $0.24–$0.25 neckline, combined with strong whale accumulation and rising social dominance, points to renewed buying momentum. Short-term traders may target the next resistance at $0.30 as volume and on-chain demand remain elevated. In the long term, sustaining the breakout and continued whale interest could drive DOGE toward the $0.42 technical target. Although a high NVT ratio signals caution, the prevailing momentum supports a bullish outlook for Dogecoin.