Dogecoin Primed for a Surge? Crypto CEO Points to Potential DOGE Rally
Could the meme coin shake off its skeptics and make a serious run? One crypto executive thinks so—here's why.
Market whispers suggest Dogecoin might be gearing up for a breakout. While the asset's volatility often draws eye-rolls from traditional finance (where 'fundamentals' still matter, apparently), its community-driven momentum can't be ignored.
Key factors? Whale accumulation, social volume spikes, and that Elon-sized wildcard factor. Just don't ask the CEO to time it—even crypto's biggest cheerleaders won't promise a smooth ride.
Whether it's the next parabolic move or just another crypto caffeine spike, DOGE keeps proving it's more than a joke. Or at least, a very expensive one.
Four Reasons Why DOGE Price Is Ready To Take Off
In a June 6 post on the social media platform X, Alphractal CEO and founder Joao Wedson offered on-chain insights into why the Dogecoin price could be perfectly positioned to embark on a parabolic run. The crypto expert provided four reasons why investors should watch out for the DOGE token.
Firstly, the 500-day Aggregated Liquidation Level reveals that a large amount of liquidity ($350 million) was trapped around the $0.5 level the last time the Doge price experienced a major correction. According to Wedson, the Dogecoin price tends to surge months after shorts pile up.
Wedson also highlighted that the price of dogecoin against Bitcoin is closing in on a crucial technical level. As shown in the chart below, the DOGE/BTC is almost at a historical support — one which served as a bullish springboard to new highs in the 2021 cycle, with the meme token outperforming Bitcoin.
Furthermore, Wedson alluded to a broader catalyst for a potential performance of the Dogecoin price over the next few months. The crypto CEO mentioned that the Meme Index, containing 16 of the largest meme coins, is showing early recovery signs after a severe correction.
Finally, Wedson mentioned that the total meme coin market capitalization is far larger than in 2021, while the open interest is still at extremely low levels ($3.2 billion), and the daily volume is just around $12 billion. The low open interest suggests that the meme coin market condition is not overheated yet, with room for further upside growth.
Dogecoin Price At A Glance
As of this writing, the price of Doge sits just beneath $0.18, reflecting a nearly 5% increase in the past 24 hours. This daily price action has done little to remedy the altcoin’s performance on the weekly timeframe. According to data from CoinGecko, the meme coin is down by more than 10% in the last seven days.
