Key Takeaways
Dogecoin had a strongly bullish market structure after its price raced past the $0.2 resistance zone, but its on-chain metrics showed distribution and profitable holders since May.
Dogecoin [DOGE] is currently the largest memecoin by market capitalization. It commanded a $35.8 billion mcap. The second-largest meme is Shiba Inu [SHIB], with only $8.67 billion in market capitalization.
On one hand, this difference is huge, but it was also a wonder that community-driven memecoins should be valued so highly. Such is the magic of the crypto world.
In the past seven days, DOGE ratcheted up a 22% rally. Shiba Inu and Pepe [PEPE] only managed 12.5% and 8.7% gains over the past week, respectively.
This suggested that the memecoin leader, although it was outperformed by coins such as Bonk [BONK], remained the sector’s undisputed leader. Should investors and traders expect the rally to grow stronger?
Accumulation or warning signs for Dogecoin?
Source: Santiment
The on-chain metrics showed that Dogecoin holders were increasingly at a profit since May. As a result, old tokens that have not been moved in months have witnessed increased movements since that time.
The evidence for this came from the mean coin age and MVRV metrics, which has trended downward over the past two months.
The MVRV continued to push higher and showed that holders over the past 180 days were, on average, at a 15% profit. This explained the increased tendency to take profits that contributed to the falling mean coin age.
Source: Glassnode
The HODLer net position change showed that the monthly position change of long-term investors has been positive for most of 2025.
It has slowed down over the past month, helping explain the drop in mean coin age. However, the longer-term accumulation was a bullish sign.
Source: DOGE/USDT on TradingView
The 1-day price chart showed a bullish structure for Dogecoin. Its daily trading volumes were well above average over the past ten days.
The increased volume came as DOGE reclaimed the mid-range level at $0.196 as support and surged toward the range high at $0.25.
It tested this resistance in recent hours but, after making a local high of $0.257, was forced to pull back 6.66% to $0.24.
The RSI showed bullish momentum reigned supreme, although the CMF showed reduced capital inflows over the past 24 hours.
Over the next few days, Dogecoin traders and investors would want to see the $0.25 range high flipped to support. This would greatly increase the chances of a successful breakout and offer a buying opportunity.
