Dogecoin Spikes 62% in Volume, Will It Trigger Price Breakout?

Dogecoin (DOGE) demonstrated bullishness in a key metric, despite plummeting prices on the daily charts. According to CoinMarketCap data, Dogecoin's trading volume spiked 62% over the past 24 hours.

DOGE volume now over $2 billion

As of press time, the DOGE trading volume has surged to more than $2 billion, marking a 62% spike over the previous day.

This increased trading volume demonstrates increased market activity for DOGE. This means investors are still interested in accumulating the top meme coin.

Increased volume often indicates growing interest, potentially leading to sustained price upside. With key support around $0.20, analysts see 60% potential gains, possibly targeting $0.32.

This prediction aligns with expectations of a positive October close this year. Aligning with the broader "Uptober trend," DOGE has traded in the green for four consecutive years, beginning in October 2021.

According toCryptorank data, DOGE registered gains of 37%, 105.8%, 9.84% and 41.4% in October 2021, 2022, 2023 and 2024, respectively.

Although DOGE is down 13.2% so far this month, investors are still bullish that the coin will trade in green before October 2025 ends.

Besides, technical analysis revealed a bullish breakout is imminent for DOGE. Notably, the price has formed a symmetrical triangle pattern on the 12-hour chart.

This consolidation phase usually follows a major upward move, indicating a potential continuation of the bullish trend.

Factors contributing to volume surge

Meanwhile, the DOGE price has not yet reflected the rally in trading volumes. In the past 24 hours, the DOGE price has declined by 0.24%, setting the price at $0.2022.

Thus, the volume surge appears tied to a broader cryptocurrency market rally. Bitcoin, the top market coin, is climbing toward $115,000, and the Ethereum price is moving close to $4,200.

Another key development possibly contributing to the volume surge is the recent spike in Dogecoin whale activity.

As revealed by the U.Today report, adormant Dogecoin whale with a 36 DOGE seed recently executed a $26.8 million transfer to Binance.

Since that activation, the wallet has amassed a sizable position, directing most of the DOGE tokens into Binance.

Before this transaction, another dormant DOGE whale reemerged,moving 15.115 million DOGE, valued at about $2.95 million, from Binance.