Why Dogecoin Might Just Be the Next Big Thing (or Not)

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Ah, Dogecoin. The cryptocurrency equivalent of that one friend who shows up to every party uninvited, yet somehow manages to steal the spotlight. This week, while crypto traders are busy flirting with the latest meme coins like Official Trump and Fartcoin (yes, you read that right), Dogecoin has decided to play it cool, consolidating like a cat in a sunbeam.

Currently, Dogecoin (DOGE) is trading at a modest $0.36, which is about 25% less than its peak in 2024. It’s like finding out your favorite ice cream flavor is on sale, but it’s still too expensive for your budget. Meanwhile, CoinGecko reports that DOGE has racked up a 24-hour trading volume of over $3.7 billion. Not too shabby, but it’s still trailing behind Official Trump’s (TRUMP) impressive $11 billion. I guess some people just can’t resist a good political meme.

But wait! There’s hope on the horizon! Whales—those mysterious, money-laden creatures of the crypto sea—are apparently hoarding DOGE like it’s the last slice of pizza at a party. According to Santiment, they’ve scooped up 590 million DOGE tokens in the last 24 hours. It’s like they’re preparing for a price rebound, or maybe just a really extravagant pizza party.

And if that’s not enough to get your heart racing, the Securities and Exchange Commission might just approve a spot DOGE ETF. This week, Rex Osprey, a firm managing over $8 billion in assets, decided to throw their hat in the ring with a spot Dogecoin fund. Because who wouldn’t want to invest in a coin that started as a joke?

Now, let’s talk about the potential crypto bull run. Technical indicators suggest that Bitcoin is gearing up for more gains, which could send altcoins like DOGE soaring. It’s like a chain reaction of excitement, or perhaps just a bunch of over-caffeinated traders making questionable decisions.

Dogecoin price has formed a bullish pattern

According to the weekly chart, DOGE has been consolidating for weeks, entering the fourth phase of the Elliott Wave pattern. This is the part where we all hold our breath, waiting for the bullish fifth wave to crash in like a surprise guest at a dinner party.

Dogecoin has also formed a bullish pennant chart pattern, which is just a fancy way of saying it looks like it’s about to break out. The accumulation and distribution indicator is on the rise, suggesting that investors are buying like it’s Black Friday. If bulls have their way, DOGE could reach an all-time high of $0.7491, which would be a 110% increase from its current price. Just imagine the celebrations—balloons, confetti, and maybe even a parade!

But here’s the kicker: signals from a weekly chart take time to materialize. The pennant has been forming for nearly three months, which is about as long as it takes to binge-watch an entire season of your favorite show. So, grab your popcorn and settle in; this rollercoaster ride is just getting started!

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2025-01-22 19:37