Dogecoin Price Eyes $0.31 as Whale Activity Sparks Rally

Dogecoin (DOGE) is once again attracting attention in the crypto market, and its price surged 6% in the intraday session and saw a 70% rise in 24-hour spot volume, amounting to $3.34 billion, and a 67% derivatives volume, amounting to $7.85 billion.

This optimism in Dogecoin price was a result of Bitcoin price reaching a new all-time high at $111903, with rising optimism investors accumulated massively, as recent whale activity also showed by whale alerts that showed that $57.6 million worth 250 million DOGE tokens were transferred from Robinhood to an unknown wallet.

Many experts are anticipating a big rise in the Elon Musk favorite and eighth-biggest cryptocurrency by market cap, as its adoption is rising with merchant acceptance increasing, making it more than a meme now. The experts began voicing short-term targets to $0.31, with bullish formation. Keep reading to know more.

Is Dogecoin Price Geared For $0.31

The recent DOGE crypto run, influenced by BTC’s rise, has attracted many experts. Among them, widely followed cryptocurrency analyst and trader Ali Martinez spotted DOGE’s breakout from a bull pennant formation, suggesting a price target of $0.31.

He says, A bullish pennant is a continuation chart pattern that has developed on an hourly chart, indicating resumption of an uptrend after a pause or consolidation period.

Moreover, coming to the daily chart, it highlights that in the entire Q2 2025 so far, the DOGE crypto rose over 80% from a low of $0.130 to $0.240, which happened due to a variety of internal factors like the development of the DOGEOS App and external factors like geopolitical trade deal easing tensions.

The DOGE crypto seems primed as the asset is showing bullishness and rising potential as it firmly remains above the 20-day EMA band, which is influenced by the buyers’ surge.

Based on the Fibonacci tool, the 0.5 fibo level is critical at $0.308 to $ 0.31, which could attract in the short term, but in the long term, the zone between fibo 0.5 and 0.62 is of extreme importance, once cleared, the DOGE price prediction suggests that in the coming months, it could even rise to $0.484 or higher.

But if $0.31 dominates bull, then this level could repel the trajectory back to the demand zone near $0.15.

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Major On-chain Support Doge Price Bullish Outlook

The last 30-day Active addresses increased from 775K to the current 1.8 million, which represents the number of wallets engaging with a project. This shows users are once again engaging in numerous transactions on the network.

This illustrates that more people are using and trading the token, which implies a higher demand and value for the token. Also, the crypto has witnessed a continuous surge in the total number of holders in the last six months, from nearly 7Million in January, it has reached 7.95 million, which is a strong number. 

Similarly, the percentage of the total supply in profit for DOGE crypto is currently at 80.42%, which means that this is the overall number of assets in the supply that were bought at a lower price than the current market price. 

Additionally, based on Santiment metrics, the rise in 30-day MVRV from a low of negative 26% in March to its current positive 16% in May is also bullish.

A positive 30-day MVRV indicates that, on average, DOGE holders who acquired their tokens within the last 30 days are currently in profit.

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