DOGE price is up 150% weekly, but this explosive metric points to more gains

Dogecoin (DOGE) has become one of the best performing assets this month amid a rally in the broader market. In the last day alone, the OG meme coin has surged above $0.4, regaining levels not seen since 2021 after rising nearly 50%.

With weekly gains now exceeding 150%, Dogecoin has risen to the sixth position in the crypto ranking, indicating a new wave of interest from retail investors.

Retail interest drives Dogecoin

According to IntoTheBlock’s latest analysis, Dogecoin processed more than 6 million transactions last week, the highest activity since February. This increase suggests that retail interest has made a quiet but steady return to the market. The increase in transactions also hinted that the momentum of meme coins is far from fading.

Santiment also pointed to increased activity on the Dogecoin network. In the past four weeks, there has been an increase of 74,885 new portfolios with less than 100,000 DOGE, indicating increasing interest from smaller retail investors. This influx reflects a broader trend of retail traders returning to the meme currency, potentially fueled by its recent rise in price.

However, while retail portfolios have increased, the largest portfolios held by “sharks” and “whales”, typically seen as key stakeholders in price movement, have declined by a net count of 350 .Interestingly, 108 of these largest portfolios have re-entered the network. in recent days, which may have helped fuel Dogecoin’s breakout above $0.4.

For sustained momentum, the crypto analytics platform stated that it would be ideal to see both retail investors and large holders continue to accumulate Dogecoin as a whole, as their combined influence could drive stronger market support for the active

Over the next few days, the activity of these “sharks” and “whales” will be especially important to assess whether the current rally in the meme currency has the potential to maintain its upward trajectory or whether a change in the accumulation behavior could change perspectives.

Dogecoin’s Wild Ride

Dogecoin’s ongoing rally can be largely attributed to the bullish sentiment stemming from Elon Musk’s endorsement during the Trump campaign, with the latter’s victory as the initial catalyst. This bullish price action has prompted some crypto traders to target $1 for Dogecoin, a key milestone that has been on the radar since the token topped $0.7 in 2021.

The $1 level is a psychologically important reference point, with “doge to $1” memes gaining renewed traction. Adding to the optimism, a “golden cross” on the weekly chart hinted at a bright outlook for the fourth quarter. Some analysts see $2-$4 targets as realistic in this cycle, while others even predict Dogecoin reaching $30 by March 2025.

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