Dogecoin (DOGE), the largest memecoin by market cap, has been caught in the crypto market’s recent correction, tumbling over 25% in the past two weeks. As of Thursday, February 6, during the early New York session, DOGE is trading around $0.26 – far from its December highs.
With large holders accumulating DOGE and technical indicators flashing key signals, the memecoin could be gearing up for a comeback.
Here’s a closer look at what’s happening and whether DOGE is preparing for its next big move.
Dogecoin has been in a correction phase since reaching a local high of $0.48 in early December 2024. From a technical perspective, DOGE has been forming a bullish pennant while going through an ABC correction pattern.
The recent drop to $0.20 tested a key support level at the lower boundary of a falling trendline, similar to the mid-December pullback that led to a bounce. This suggests DOGE could be primed for another recovery.
Adding to this, the daily Relative Strength Index (RSI) has been hovering near oversold levels for the past week. Meanwhile, the 200-day Moving Average (MA) is acting as strong support, positioning DOGE for a potential move toward its all-time high in the near future.
On-chain data from Santiment shows that large Dogecoin holders have been buying the dip. Wallets holding between 10 million and 100 million DOGE have added over 750 million tokens during the correction, bringing their total holdings to more than 23.2 billion coins. This strong whale accumulation could help fuel a price recovery.
The launch of the Official Trump (TRUMP) memecoin on the Solana network has renewed excitement in the meme coin space. Over the years, Dogecoin has gained real-world adoption, with businesses and miners accepting it for payments.
With growing confidence in memecoins, DOGE could see further gains in the coming weeks.
Dogecoin’s price is down today due to market corrections, profit-taking, and broader crypto volatility, despite strong long-term fundamentals.
By 2030, Dogecoin could reach $5–$10 if adoption grows, driven by whale accumulation, mainstream payments, and memecoin market expansion.
By 2040, Dogecoin may trade above $20 if it evolves with blockchain advancements, sustains demand, and gains institutional investment.
Dogecoin’s future depends on adoption, utility, and market sentiment, but strong community support and whale interest boost its long-term outlook.
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