Dogecoin (DOGE) Is Back on the Menu, But What's Missing for the Memecoin to Regain Its November Momentum?

input: Crypto is back on the menu for the average investor. Just this week, Bitcoin broke new all-time highs for two consecutive days, while digital assets like Ethereum and Solana

Crypto is back on the menu for the average investor. Just this week, Bitcoin broke new all-time highs for two consecutive days, while digital assets like Ethereum and Solana have shown surprising strength as excitement builds across the market.

But hold up, where’s our favorite memecoin in all of this?

Dogecoin (CRYPTO: DOGE) was one of the best-performing altcoins of last year’s bull run. From November 2024 until December 8 of that year, $DOGE managed to gain a whopping 240% in value. To put it bluntly, Doge’s momentum was so vivid that by the end of the year, the memecoin was rivaling XRP (CRYPTO: XRP) as the best-performing asset of the post-election rally.

However, while Dogecoin has certainly gotten out of first gear, gaining a respectable 40% in value since May 1st—the asset is far from leading the race. Currently trading at $0.2391—$DOGE is still a long way from retesting its December 8 peak of $0.48.

Taking a look at the 1-hour chart we can see how bears started to lose strength by mid-March. Bulls would finally take control on May, as retail came back to the market as buying pressure increased significantly.

Recently, this momentum led $DOGE upwards of twenty cents per token—yet the memecoin has found strong resistance at the $0.25 margin. So, what differs this rally from the November one?

What Is Missing For Dogecoin?

Back in November/December, retail interest quickly shifted to altcoins as investors looked for profitable opportunities. From mid-November until December 8th, Bitcoin dominance (BTC-D) fell from making up 61.54% of the entire market to as low as 54.56%.

This sudden 11% drop in Bitcoin dominance was enough to lead to a surge in altcoin activity, with traders rotating liquidity into assets that promised higher returns. However, BTC-D is currently at its highest margin since February of 2021 at 64.02% of the market. Essentially this means that altcoins aren’t receiving the same level of liquidity as they did during previous rallies.

So, what does this means? Was Florence + The Machine right—are the Dog days in fact over? Well, not necessarily. There is two things DOGE will need before it can regain its late-2024 momentum: liquidity and adoption. At the below image, take a look at the type of trading volume DOGE/USD experienced on Coinbase in November, then compare it to today:

To put it simply, Dogecoin needs a spark—something to reignite retail interest and bring fresh liquidity into the asset. Those interested in DOGE should keep a vigilant eye on Bitcoin Dominance now that the asset broke new ATHs—liquidity may as well start flowing into altcoins sooner than we expect.

For now, the $0.25 resistance zone serves as a key metric for Dogecoin’s short-term trajectory. If buyers can push past this level with strong volume, it would signal renewed momentum and potentially open the door for a retest of higher resistance levels.

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