Dogecoin (DOGE) remained resilient during the latest market correction. After stabilizing at $0.12, DOGE is showing some signs of returning as high-profile meme coins.
Dogecoin (DOGE) is the only coin in a meme space dominated by tokens. DOGE has been trading sideways for months, with no significant breakouts. Recently, DOGE touched $0.13, before returning to the $0.12 range.
DOGE meme coin is showing potential signs of reawakening based on wallet and exchange activity. In the past month alone, the DOGE market on Binance invited net inflows of more than $333M. The recent price action also called for a breakout after bouncing from recent lows.
Also Read: Dogecoin price prediction 2024-2030: DOGE to the moon?
DOGE is also behaving differently than the pack of dog-themed meme tokens. Its chart suggests further price drop, but also an opportunity for outsized rallies. The optimistic expectation is for DOGE to rise as high as $1. The coin has a much older, organic community and a collection of whales that have held for a long time.
Signs of renewed interest also include a doubling of spot volumes. At the same time, buying volumes are still at 48% of all trades, with selling slightly dominating.
DOGE still makes up more than 30% of the whole meme market. Yet the asset is still slowing down in comparison to newer memes. DOGE has a turnover of $933M in 24 hours, surpassed by Pepe (PEPE) at $1.02B.
DOGE is also part of the Meme 1.0 narrative, bringing together an older batch of tokens. Meme 1.0 increased its trading volumes by 235%, also based on the performance of SHIB, FLOKI, ELON and BONE. During the recent Meme 1.0 rally, SHIB and FLOKI outperformed, potentially setting the stage for DOGE.
$DOGE – Retest done ✅
This is gonna be in a full send mode 🔥 pic.twitter.com/66EPtq0Q4q
— Crypto Bull 🐂 ( Until 5th Sep 2025 ) (@holdersignals) July 25, 2024
DOGE whales start moving coins
The largest DOGE wallet, containing 21.7% of coins, saw a recent inflow dated July 24. The latest transaction brought in more than 799M DOGE, valued at $98M. The leading wallet is known to belong to the Robinhood fintech app, potentially boosting the available DOGE for retail buyers.
During this meme cycle, DOGE is far from the only meme asset available to retailers. In 2024, Robinhood also added access to Uniswap-based purchases, opening up its app for PEPE and hundreds of other tokens.
DOGE also flowed into the Binance wallet, in preparation for more active trading. Some of the DOGE may increase the selling pressure, as a price rally is not expected immediately.
Historically, DOGE has rallied at the end of a Bitcoin (BTC) bull cycle, and in 2024 there are still expectations for a BTC rally. DOGE has not received support from an overall altcoin market. Despite this, Meme 1.0 tokens returned an average of 20% in the past successful week.
Will Dogecoin support a meme super cycle?
A meme super cycle includes DOGE, but it does not look like a leading asset. Based on a metric of optimized relative strength, DOGE is behind POPCAT and farther behind MOTHER in terms of weekly holder growth.
DOGE, however, has an advantage in terms of early adoption and loyal holders for the long term. But the DOGE community is organic and lacks the hype of some newer meme tokens, which are constantly hyped on social media.
Also Read: DogWifHat (WIF) rallies on expectations of recovering $4
Trading DOGE may look different compared to DEX-based tokens and newly launched memes. DOGE is also changing its trading profile, with the biggest weight for Binance, followed by the WhiteBIT centralized exchange.
More than 22% of DOGE trading is against FDUSD, the native stablecoin on WhiteBIT. DOGE still depends on Tether (USDT) as well for 61% of trading volumes. DOGE also has a small USD and KRW spot market.
DOGE has achieved 10X gains multiple times, but the prediction for the current bull market is to recover the $1 range. At the current price level, Binance can absorb $1.6M in selling, roughly equivalent to the new coins mined every day.
The most optimistic traders see DOGE as the leader, still waiting for a meme super cycle. The latest round of new memes led to extraordinary gains in the short term. But DOGE has a more reliable trading infrastructure and liquidity, and a much larger wallet list of early adopters.
Cryptopolitan reporting by Hristina Vasileva
