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TL;DR
- Dogecoin’s rally has stalled in the past several days, but on-chain data suggests more upside movement could be around the corner.
- Perhaps the most bullish factor is the amount of DOGE purchased by whales in the past month, which has soared to over a billion.
Activity Picks Up
Popular crypto analyst Ali Martinez outlined in a recent post the growing activity levels on several fronts for the largest meme coin. He noted that there’s a substantial rise in active addresses, transaction volumes, and, perhaps most importantly, whale activity. As such, he concluded that these are all “bullish signals that could support further upside.”
#Dogecoin $DOGE is seeing a rise in active addresses, transaction volume, and whale activity. All bullish signals that could support further upside! pic.twitter.com/pRHObYo60J
— Ali (@ali_charts) May 16, 2025
CryptoPotato has repeatedly reported in the past how critical it is for a certain blockchain (and its underlying asset) to have a rising number of active addresses and transaction volumes. Bitcoin became an evident example of this in 2025 as its price tumbled in February, March, and early April when activity had dried out and pushed past $100,000 after the metric recovered.
In terms of whale activity, Martinez said that such large market participants have accumulated over a billion DOGE in the past month alone. Given Dogecoin’s current price (around $0.225), this stash equals more than $220 million.
Whales have bought over 1 billion #Dogecoin $DOGE in the past month! pic.twitter.com/VVzwO7yLnM
— Ali (@ali_charts) May 16, 2025
Where to Next, DOGE?
The meme coin’s price tumbled hard in the first few months of the year and bottomed in early April at $0.13. It consolidated at around $0.16 for the next month but exploded alongside most of the market since May 8 and skyrocketed to $0.26 reached on May 11.
It faced a sharp rejection at that point and is down by 13.5% to the current levels. According to Martinez, DOGE is now attempting to breach “a major area of resistance,” which, if reclaimed, could “spark a new bull run.”
Crypto Thies believes there will be a prolonged consolidation phase at this point and perhaps a retest of the $0.2-$0.21 support region. If it holds, the OG meme coin’s price could shoot up to $0.3.
$DOGE 1D at $0.23 and expecting consolidation to likely retest $0.20 – $0.21 range.
Assuming support holds from there, continuation towards the $0.30 resistance would be probable. pic.twitter.com/Zeyi8tH5jj
— Crypto Thies (@kingthies) May 14, 2025
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