Dogecoin Processes 1.93 Million Transactions Last Week, The Highest Since July: Is DOGE Preparing For A 150% Spike To $0.22?

Are meme coins dead? Hell no! Dogecoin processed over 1.9m transactions last week. Is DOGE on the verge of a bullish breakout? Dig into the latest DOGE price analysis and find out.

Is the “mini” crypto freeze over?

It could be. Dogecoin Price Trading volume in 24h Last 7d price movement is already thawing while Bitcoin Price Trading volume in 24h Last 7d price movement after concerns since last Friday, September 13, shot higher yesterday, lifting sentiment.

At press time, the world’s most valuable coin remains above $60,000, and buyers appear ready to take charge.

Rising Bitcoin prices have injected momentum into crypto, lifting the total valuation by over 2.03% to over $2.08 trillion.

Although Bitcoin dominates the total market share, commanding over 57%, meme coins are strengthening.

According to Coingecko data , the total market cap of all meme coins stands at over $41 billion.

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Dogecoin Price is Rising: What’s Next For DOGE?

What’s emerging is that Dogecoin, Shiba Inu, and top meme coins like PEPE are struggling for momentum.

The good news? On-chain data points to interest, especially in Dogecoin.

According to IntoTheBlock data , Dogecoin registered its highest weekly transaction count since early July, processing over 1.93 million transactions.

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Usually, whenever there is a spike in transaction count, it points to heightened activity, a net positive for prices.

As this prints out, IntoTheBlock data shows that as of September 18, 71% of all DOGE holders are in the money. Only 27% are out of the money.

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The more there are holders in the green, the higher the probability of soaring since the pressure from holders at loss to sell is low.

Amid this, Dogecoin whale activity has increased since the start of the week.

Trackers show that DOGE whales have been loading up.

As of September 11, they had bought over 446 million DOGE , adding to their holdings.

The spike in accumulation pushed netflow to the positive side amid falling outflows from top exchanges like Binance.

Usually, whenever there are more holders transferring coins away from exchanges, it means they are bullish, expecting prices to rise.

In turn, this may prop up prices, lifting sentiment.

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Is DOGE Price Ready To Break From Meme Coin Bull Flag?

Looking at the daily chart, DOGE is within a massive bull flag.

After the surge from late February, lifting DOGE to as high as $0.22 in mid-March, bears have been in control.

However, here’s the good news.

Despite the unyielding sellers, they are yet to peel back those gains.

DOGE is down nearly 60% from March highs. Although the downtrend is clear, prices have been stable.

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Placing a Fibonacci retracement tool on the February to March trade range shows that DOGE found support around the 78.6% Fibonacci retracement level.

If prices bounce from this level, they tend to retest the swing high of the Fibonacci retracement range.

In this case, if DOGE breaks above the bull flag and $0.11, there will be a higher probability of the coin racing 100% to $0.22 in a buy trend continuation formation.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.