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Dogecoin's DOGE/USD 9.3% gains over the past week have renewed traders’ calls for an uptrend of the languishing meme coin.

What Happened: Crypto technical chart analyst Ali Martinez sees Dogecoin hovering around a bullish breakout but predicts a "potential short-term correction before the next move."

#Dogecoin keeps flirting with a bullish breakout, but patience might be key! The Stochastic RSI just had a bearish crossover, hinting at a potential short-term correction before the next move. pic.twitter.com/IZNsTJHksT — Ali (@ali_charts) September 25, 2024

Crypto trader Kevin also sees a breakout attempt off the back of a perfect setup for a "pretty ferocious move out of this macro falling wedge."

Trader Master Kenobi cautions not to underestimate Dogecoin, stating that if DOGE were to perform as in the first cycle (2017-2018), it would reach $1.55 on Dec. 9 and $7.78 on July 14, 2025. If the meme coin were to perform as in the previous cycle (2021), it would reach $2.8 on Dec. 9 and $25.8 on March 10, 2025.

Why It Matters: IntoTheBlock data shows an increase of 63.5% in large transaction volume and a rise of 8.5% in daily active addresses. Transactions greater than $100,000 are up from 195 to 299 transactions in a single day. However, exchange netflows are down by 252.4%.

Dogecoin co-founder Shibetoshi Nakamoto in an X post clarified that he has not created any cryptocurrency except Dogecoin in 2013 and has not worked on any cryptocurrency since 2014.

Coinglass data reports an increase of 1.2% in open interest to $535.14 million. Dogecoin's Derivatives Data volume spiked by 25% in the past 24 hours.

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