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Dogecoin (DOGE) has exploded into the spotlight this week, with its large transactions hitting an all-time high and its price surging by 114% over the past seven days. In just the last 24 hours, over 60.9 billion DOGE has been transacted, reaching a weekly peak and marking a jump in network activity.
This comes as DOGE’s price climbed from around $0.18 to a peak of $0.42 before stabilizing near $0.39, bringing its market cap to a hefty $57.27 billion. What’s driving this sudden surge? The spike in high-value transactions, shown in the chart above, reveals unprecedented interest from larger players.
With 9.41k large transactions recorded in a single day, the token’s activity is at levels not seen in its entire history. Moreover, the second chart underscores the scale, showing that recent large transaction volume far surpasses the previous highs seen in early 2021, a period known for record-breaking the cryptocurrency’s excitement. As of press time, the DOGE cryptocurrency trades at $0.3915.
DOGE’s Bullish Triangle Breakout: History Repeats for Another Rally?
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Following this positive price outlook and massive transaction volumes, the token’s price recently broke out of a multi-year bullish triangle, a pattern known to precede significant price rallies. Historically, similar breakouts have led to explosive runs for the DOGE cryptocurrency.
For example, in 2017, a breakout from a similar triangle formation led to a 9,221% gain, and in 2021, another breakout catapulted the token by over 30,000%. Now, in late 2024, the DOGE cryptocurrency is showing signs of repeating this pattern. The triangle breakout in the current chart is aligned with previous setups, suggesting that the current rally is the beginning.
If the DOGE token were to replicate even a fraction of its past gains, it could be on track for a substantial move. According to the chart, analysts are eyeing potential upside targets as high as $9 if this historical pattern fully plays out—equivalent to another 13,000% increase.