Dogecoin (CRYPTO: DOGE) prices rose by 6% on Thursday morning, continuing a recent rally that has seen the meme-inspired token regain ground.

What Happened: Dogecoin’s price was seen trading at $0.2031, showing a gain of 5.7% over the past 24 hours.

The cryptocurrency’s market cap has risen to $30.39 billion, while its 24-hour volume saw a significant increase to $1.57 billion.

This surge in volume suggests heightened activity in the market, but who exactly is driving this latest buying frenzy?

According to recent data from CryptoQuant, the typical pattern of high trading frequency from “ant investors”—smaller, individual retail traders—which has accompanied major Dogecoin price tops, is yet to be observed in this current ascent.

This divergence raises questions about the true drivers behind the recent rally, especially considering the usual retail interest, often visualized in high trading frequency (RTF) zones, is less present.

Image Credit: CryptoQuant

While low levels of volume were successfully seen at the recent bottom (green), indicating a potential consolidation phase, the red zones representing fervent retail interest near peaks are conspicuously absent.

This divergence prompts the question: if the usual retail “ant” army isn’t leading the charge, who is buying? Several possibilities emerge

Point 1: It’s worth noting that a substantial portion of Dogecoin's recent price increase can be attributed to a single announcement.

Elon Musk's apology to Donald Trump on X (formerly Twitter) might have inadvertently sparked a rally in the meme token.

Point 2: The cryptocurrency's price had been hovering in a narrow range for a better part of the past three months, with limited volatility.

Point 3: Dogecoin's lackluster performance in 2023 compared to Bitcoin's (BTC) strong rally had led to a decline in interest from "ant investors," who typically play a role in driving cryptocurrency trends.

Point 4: CryptoQuant's analysis of Spot Retail Activity Through Trading Frequency Surge showcases the minimal role played by smaller retail traders in this Dogecoin price move.

Point 5: Historically, major peaks in Dogecoin's price have coincided with high trading frequency from smaller traders, especially during the 2021 bull market.

Point 6: Despite the cryptocurrency's recent price surge, the level of trading frequency remains low, suggesting that this rally is not being driven by the usual suspects.

Point 7: While Elon Musk's association with Dogecoin continues to exert influence on its market performance, the current rally appears to be unfolding without the same level of widespread, high-frequency retail speculation that has fueled its most explosive prior surges.

See More: Best Cryptocurrency Scanners

This story was originally published on Benzinga and has been modified for ClearTechnica readers.