Is a Parabolic DOGE Bull Run in the Making?

Bybit
This Metric Jumps by Almost 100% Amid DOGE Price Rally
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Dogecoin (DOGE), the first meme coin in the crypto industry, made a huge comeback last week when it crossed the $0.22 mark —a price not seen since November 2021.

Data from CoinGecko shows that DOGE’s price has increased 22.3% weekly, and its trading volume has increased more than 50% to 3.17 billion. DOGE is currently trading at $0.20.

Its market capitalization remains past $30 billion, well above Cardano (ADA), making it the 8th largest cryptocurrency.

Is DOGE Set For Another 2020 – 2021 Rally?

Popular analyst Alí Martinez (Ali_Charts on X) stated that DOGE has been outshined by most of the new participants in the meme coin market, but it remains the “most important altcoin” in this sector.

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“From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, it could be at the very beginning of a massive parabolic bull run.”

dogecoin_chart_0104241
Source: X

Is DOGE Making A Comeback Soon?

DOGE remains one of the hottest meme coins following its bullish performance last week.

Over $5 million worth of DOGE shorts have been liquidated in the past 24 hours alone. Moreover, data from IntotheBlock shows nearly 90% of DOGE holders are in profit.

Most analysts are picking DOGE back up and forecasting new short and long-term prices. Similar to Ali’s bullish sentiments, Altcoin Sherpa predicts a 3X jump for DOGE in the next six months.

Moreover, market intelligence platform Santiment suggested that DOGE is giving bullish signals after last week’s performance. It seems that DOGE might make a comeback as major dormant whales wake up again and move DOGE back into circulation.

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