Dogecoin (DOGE), the world’s largest meme coin by market capitalization, is likely to rally when crypto market sentiment improves and the prices of digital assets stabilize, according to signals picked up by the on-chain analysis platform Santiment.

Santiment said Dogecoin’s utility and rising smart money signal a potential turning point and a bullish outlook for the asset.

Metrics Suggest Bullish Signals for DOGE

The market analytics platform urged investors to monitor the rising number of wallets holding at least 1 million DOGE. Since the start of February, these entities have grown by 1.24% (an additional 62 wallets).

Also, Dogecoin’s active addresses are at a four-month high. With over 150,000 active DOGE addresses per day, this metric is at a level not seen since mid-November 2024.

In addition to Santiment’s analysis, other market experts have identified signals that suggest DOGE is poised for a major reversal in the short term. A week ago, whales aggressively accumulated the meme coin, loading up 1.4 billion tokens in 24 hours on one occasion.

Historically, increased whale activity has caused a supply crunch that triggered a rally in prices. So, if whales continue accumulating DOGE, the meme coin may be on its way to a significant pump.

Moreover, the potential approval of a spot Dogecoin exchange-traded fund (ETF) in the United States could attract more capital into the ecosystem and push the asset’s value upward.

Dogecoin’s Price Outlook

While Dogecoin’s metrics are flashing positive signals, the cryptocurrency is down significantly due to the market-wide correction. After rallying to $0.41 on January 18, DOGE has tumbled by more than 63% to $0.15 in two months.

Data from CoinMarketCap shows DOGE is down 38% monthly. Although the asset has increased 5% in the last seven days, it is still down 2.5% daily. At the time of writing, DOGE was changing hands at $0.16, and its market cap was also down 2.5% daily.

Despite Dogecoin’s plunging value, some analysts are predicting that the asset could hit $1.1 in the next two months because it is showing a pattern similar to one seen in the 2017 bull run.

While the meme coin supercycle is kicking into high gear with thousands of new token launches daily, some of the biggest coins in this sector are falling behind. Dogecoin ($DOGE), the leading meme coin by market cap, is down 18% in the past week and has seen trading volume slow to a trickle.

That begs the question, where is Dogecoin headed for this bull run, and should investors focus their attention and capital on emerging meme coins with possibly more potential?

Some experts suggest the latter, indicating that it might be time to check out a new meme coin with explosive potential: BTC Bull.

Dogecoin Falters as Investors Lose Interest in $DOGE

Dogecoin’s price woes haven’t been the result of a specific catalyst. Instead, they represent a more worrying trend—long-term $DOGE holders and whales are simply losing interest in the Dogecoin network.

Analysis indicates that open interest in Dogecoin has fallen from $5.41 billion earlier this year to just $2.21 billion in late February, a decline of 60%. At the same time, there have only been 66 whale transactions over $1 million during the month of February, the lowest since November 2024.

Trading volume, which peaked at over $11.5 billion in early February, is down to $1.8 billion today—an 85% decline. This looks even worse when considering Dogecoin’s performance on longer timescales. Just last November, during the excitement around President Trump’s election, $DOGE trading volume was approaching $40 billion per day.

Analysts are also eyeing the Dogecoin price chart with caution. The token has been falling with December, and it’s still far from a strong support level. From its current price level of $0.21, it looks like $DOGE could fall all the way to $0.14 before hitting bottom—a potential loss of 33%.

As one analyst on X, @StrongHedge, put it, the chart ‘doesn’t look great.’

$DOGE

I love $DOGE but chart doesn’t look great.

– Weekly swing fail at highs


– nuked range lows


– back below March 24 high


– wick filled

Bottoms don’t look great, so if it isn’t the bottom its done for a while.

Market all relies on Bitcoin tho tbh pic.twitter.com/MNCQC0u9so

— $trong (@StrongHedge) February 25, 2025

Dogecoin has rallied before, so no credible analysts are calling this the end for the world’s biggest meme coin. However, at least for the foreseeable future, meme coin traders looking for profit might want to steer clear of $DOGE.

BTC Bull Raises $3 Million as Analysts Expect it to Pump

While Dogecoin is struggling, up-and-coming meme coins are seeing explosive gains and swelling support from traders. One token that looks to be positioned to deliver profits is BTC Bull ($BTCBULL).

This emerging meme coin has hitched its wagon to Bitcoin, the oldest and largest cryptocurrency—and currently the token leading the crypto bull run. In fact, BTC Bull is offering real Bitcoin rewards so investors can take full advantage of $BTC’s rise.

The way this works is simple: investors who hold $BTCBULL can look forward to real $BTC airdrops when the price of Bitcoin reaches $150k, $200k, and $250k. So, as Bitcoin pushes higher, BTC Bull investors receive tokens so they can be part of the action and lock in massive profits.

BTC Bull also plans to boost the value of the $BTCBULL token with buyback and burn events when Bitcoin hits $125k, $175k, and $225k. That ensures there’s no break in the excitement around this token and trading volume remains high.

Analysts are excited about the new $BTCBULL token, suggesting it could be the next meme coin to explode once it hits exchanges. NASS Crypto, who has more than 1 million subscribers on YouTube, called it ‘Bitcoin’s best crypto presale.’

$BTCBULL is available for grabs now during the project’s presale, which has already raised almost $3 million. Currently, investors can lock in coins at a discounted price of $0.002385, plus fill their bags with staking rewards of up to 147% APY.

Visit BTC Bull Presale

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TL;DR

• Analysts predict Dogecoin could hit $2.20 to $4, with KALEO calling the current range a prime buying zone.
• Elon Musk’s leadership of the Department of Government Efficiency (D.O.G.E.) has fueled speculation that the meme coin could benefit from certain associations, especially after the agency briefly featured DOGE’s logo on its website.

DOGE to Chart Substantial Gains Soon?

The biggest meme coin in terms of market capitalization has recorded a choppy performance in the last several weeks. Despite charting a 5% increase on a daily scale, the price remains 20% below the levels observed a month ago. 

Most recently, DOGE has been hovering around $0.25 – $0.26, which, according to the popular X user KALEO, is a perfect buying zone.

Buy $DOGE at twenty five cents and chill.

— K A L E O (@CryptoKaleo) February 10, 2025

Other well-known analysts who outlined predictions include Ali Martinez and Trader Tardigrade. The former claimed that the meme coin remains on a bullish path that could eventually result in a new all-time high of $4.

Trader Tardigrade observed Dogecoin’s previous cycles to estimate that it is currently “in the middle of the DOGE season.” The market observer believes that the peak of the phase could occur at a price of around $2.20.

“Take it seriously. You can’t chase it once it starts moving,” they added.

Whales and D.O.G.E.

The whales’ activity is a key element that could affect the market performance of the meme coin. Last week, large investors accumulated millions of DOGE, reducing the circulating supply and signaling confidence in the asset. The actions of the whales could also be mimicked by smaller players who might inject fresh capital into the ecosystem.

The establishment of the Department of Government Efficiency (D.O.G.E.) is worth mentioning, too. The agency, spearheaded by Elon Musk, aims to maximize governmental efficiency and eliminate unnecessary spending. However, its abbreviation is the same as that of the meme coin, and DOGE proponents have raised hopes that the connection could benefit their favorite token.

Last month, the price of the asset exploded by double digits shortly after the department featured Dogecoin’s logo on its official website. It was later removed, but future involvements with the asset may have implications for its value again.

Meanwhile, Musk is a keen advocate of the meme coin, often praising its merits and influencing short-term price spikes.