Crypto traders and analysts are keeping a close eye on Dogecoin (DOGE) as on-chain metrics continue to show strength, potentially setting the stage for a major rally in the future.

Despite trading at relatively low levels for the past year, with a price of around $0.22, interest in this memecoin seems to be heating up once again.

Dogecoin On-Chain Metrics Show Strength

Popular crypto analyst, Ali Martínez, has reported that Dogecoin is experiencing a surge in several key on-chain metrics, including the number of active DOGE addresses, transaction volume, and whale activity.

As such, these memecoins are showing strength on multiple fronts at this stage, which could be the foundation for future DOGE price rallies.

On the other hand, there has been massive buying by whales of these memecoins in the past month.

In a striking trend, Dogecoin (DOGE) whales have amassed more than 1 billion DOGE tokens in the past month, showcasing increased interest and activity from large investors.

Ali Martínez shared this data and highlighted that the accumulation is a bullish indicator. Increased whale activity often correlates with market confidence and can signal potential future price movements.

DOGE price today | Credit: Benzinga

Dogecoin: A Potential Super Cycle

The price of Dogecoin (DOGE) seems to be forming a strong foundation around $0.22. The nearest resistance level is at $0.27. If it is able to break this level, it could pave the way for another bullish rally.

Additionally, renowned crypto analyst, Trader Tardigrade, stated that the memecoin is preparing to enter the next major super cycle. He identified signs of a potential “Super Cycle 2” for Dogecoin.

Comparing its first explosive growth phase, Tardigrade highlights that DOGE’s current price level could be a great opportunity for investors.

“If this trend reflects Cycle 1, then $DOGE has the potential to experience rapid growth in the next few months,” he said.

Furthermore, the analyst points out that the DOGEUSD chart pattern shows a striking resemblance between two major market cycles: 2014-2018 and 2021-2025.

Based on this pattern, these memecoins are currently in a strong accumulation phase and are predicted to experience a significant price surge by the end of 2025.

The logarithmic price scale on the right side of the chart shows the price range from fractions of a penny to over $17. Retail investors are advised to be patient in order to enjoy the potential for a big rally to come.

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