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Dogecoin (DOGE) sparks excitement within the cryptocurrency market, even attracting solid bets from retail traders amid surged profitability.
Coinglass data confirms optimism among traders, with the positive Long/Short ratio suggesting bullish bets. That underscores confidence in Dogecoin’s future price actions.
Also, Dogecoin’s performance has grabbed the attention of large-scale investors. The latest Whale Alert data shows one investor accumulated 155,119,671 DOGE assets, worth approximately $21,654,369, from Robinhood.
Source: Whale AlertThe transaction follows impressive price performance over the past week, with Elon Musk’s impact catalyzing Dogecoin’s latest jump.
The altcoin gained 25% on its seven-day chart.
Notable, the investor pivoted to the altcoin amid increased profitability.
IntoTheBlock data shows that 80% of DOGE holders enjoy profits at current prices, with 3% at break-even and 16% enduring losses.
Source: IntoTheBlockThe altcoin has never seen such profitability since 7 July 2024.
Thus, the development attracted the attention of crypto enthusiasts and analysts.
The increased profitability continues to cement Dogecoin’s status in the crypto market, and analysts expect solid price actions in the upcoming sessions.
Dogecoin price performance
The original meme crypto has made a notable comeback lately.
DOGE trades at $0.1394 at press time, reflecting slight bull exhaustion after last week’s 25% surge.
Source: CoinmarketcapThe stable trading volume shows increased trader activity, either taking profits after the latest gain or holding for more gains.
DOGE’s current stability comes as it broke past crucial moving averages – 50, 100, and 200 Exponential Moving Averages, which have aided the recent price upsurge.
That shows the altcoin could extend its upward move and attain new peaks amid favorable market conditions.
Renowned crypto analyst and trader Crow believes Dogecoin will finally explode past $1 – calling it the Bitcoin of meme cryptocurrencies.
Dogecoin is like Bitcoin of the meme coins! You don’t like it? Too bad, you don’t matter. $DOGE is going to $1.
With amplified optimism, DOGE could extend its prevailing upsides.
The ascending 50-day MA confirms solid near-term momentum.
The meme token could bounce to $0.18 – a 30% move from current prices.
Meanwhile, enthusiasts should watch $0.23 and $0.29 in the coming two weeks.
Overcoming these hurdles would propel Dogecoin to the peak of $0.37 – a more than 165% gain from current prices.
In conclusion, Dogecoin’s prevailing performance reflects optimism, with massive support from retailers and institutional players.
The meme token will likely attract more attention with its increased profitability, where 80% of holders celebrate returns at current prices.
With the increased bullish momentum, DOGE could extend the current upside by 30% to $0.18.
That would open the path toward $0.23 and $0.29 before skyrocketing to $0.37.
Broad market sentiments, Musk’s support amid the US elections, and surged trader activity from institutional and retail players could propel DOGE toward the most sought-after $1 in the upcoming months.
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