Surge of Dogecoin by 30% in trading volume spots increased bullish momentum
Traders are capitalizing on the renewed momentum in the meme coin market, as Dogecoin's trading volume has surged by 30.45% over the past 24 hours to $3.5 billion, propelling it up the crypto market rankings.
The latest price increase has seen Dogecoin overtake Tron (TRX) in the rankings, with the cryptocurrency currently ranked eighth with a market cap of $37.18 billion. The surge in volume and the formation of a golden cross technical pattern (50-day moving average crossing above the 200-day average) support further upside potential for Dogecoin. Historically, such crosses have preceded significant rallies for DOGE.
Analyst Ali Martinez has highlighted $0.36 as a crucial level for Dogecoin, and if it successfully pushes past this level and maintains resistance above it, it is likely to print a new price target at $0.70. Other analysts, such as Kaleo, have raised optimistic sentiment about Dogecoin's future price movement, with Kaleo believing it could take a day or less for Dogecoin to reclaim recent highs once momentum builds.
The current Dogecoin price is around $0.23 to $0.25, following the volume and price surge. Short-term predictions indicate DOGE could rise to about $0.30 by late August 2025 if bullish momentum strengthens. Medium-term forecasts suggest Dogecoin might reach $0.40 within a couple of weeks amid positive technical setups and increased buying activity.
More optimistic long-term targets range from $1.50 under highly favorable institutional adoption and ETF approval conditions to an average scenario near $0.35, reflecting ongoing strong community support and integration with payment platforms. Some analysts even point to potential rallies as high as $2.28 by early 2026, based on historic multi-year cycle patterns, though these are more speculative and contingent on broader market conditions.
However, Dogecoin’s price remains subject to volatility due to factors such as broader cryptocurrency market movements, supply dynamics, and investor speculation.
Meanwhile, other cryptocurrencies are also experiencing growth. Pepe (PEPE) has also experienced a daily increase of 9.3%, while Shiba Inu (SHIB) has seen a daily increase of 6.7%. Bitcoin (BTC) has reclaimed the $119,000 level after dropping to a low of $118,000 on Tuesday, Aug. 12. Ethereum (ETH) has climbed to $4,630 as of press time.
In summary, the increase in trading volume has reinforced bullish technical signals and heightened expectations for price gains in the near to medium term for Dogecoin, with $0.30 to $0.40 viewed as likely short-term targets and $1 or above a longer-term possibility depending on market sentiment and institutional developments. However, the price remains subject to volatility due to various factors.
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