DOGE, the Largest Meme Cryptocurrency, Surged 8%

This uptick followed the broader market recovery, with the Bitcoin price heading close to $90,000. However, this relief rally has yet to confirm trend reversal

Dogecoin, the largest meme cryptocurrency, saw a modest 8% surge during Monday’s trading session, pushing its price up to $0.187. This uptick followed the broader market recovery, with Bitcoin heading close to the $90,000 mark.

However, this relief rally has yet to confirm trend reversal, and the lagging Dogecoin network hints at the possibility of a prolonged correction.

Key Highlights:

Dogecoin Struggles With Weak Network Activity Despite Price Uptick

Over the past three months, the Dogecoin price has seen a significant downturn, sliding from the $0.482 top to its current trading value of $0.18, signifying a 61.5% loss. Following this price decline, the memecoin witnessed a stark decline in transaction volume and active users.

According to data from Santiment, Dogecoin’s network activity has hit a record low, a level not seen since October 2024. The memecoin now records only 66 daily “whale” transactions—large movements typically above $100,000—and fewer than 60,000 active addresses per day.

This downtrend highlights a weakening interest and engagement within the Dogecoin ecosystem, possibly indicating investor fatigue or a broader shift in market sentiment away from meme-based assets.

If the trend persists, the DOGE price will struggle to drive a sustained recovery.

DOGE Eyes 45% Rally After EMA Breakout

With today’s price jump, the Dogecoin price is teasing a bullish breakout from the fast-moving 20-day EMA slope. Since late January 2025, the coin price has showcased several failed attempts to reclaim this support, suggesting an active sell-the-bounce sentiment in the market.

The past behavior shows that each fake breakout accelerated the bearish momentum and bolstered a high-momentum downfall. Thus, the current breakout is pivotal for DOGE to decide on further growth or continued correction.

If history repeats and the price fails to hold the 20-day EMA slope, the coin price will extend a correction below $0.143.

However, if the breakout is sustained, this dog-themed memecoin could surge 45% to challenge the key resistance trendline at $0.27.