 ▲ Dogecoin (DOGE) / ChatGPT-generated image |
Dogecoin (DOGE) is signaling a powerful revival of the meme coin market, kicking off a massive rally while whales aggressively accumulate in preparation for a potential explosive move toward breaking its previous all-time high.
According to cryptocurrency media outlet BeInCrypto on February 17 (local time), Dogecoin surged 47% between February 6 and 15, overwhelmingly leading growth across the entire meme coin sector. Currently, Dogecoin commands over $17 billion—more than 50% of the total meme coin market capitalization. Its price correlation with Bonk (BONK) and Shiba Inu (SHIB) has reached as high as 0.99, making it a key indicator that effectively determines the overall market direction.
From a technical analysis perspective, Bonk has formed an inverse head-and-shoulders pattern on the 12-hour chart. If it breaks above the $0.0000075 level, an additional 43% rise toward $0.000010 appears possible. Shiba Inu is also forming a classic bull flag pattern, and a breakout above the $0.0000069 resistance level could trigger a rally of up to 43%, targeting $0.0000099. These breakout scenarios for individual tokens largely depend on whether market leader Dogecoin can confirm a definitive bullish structure.
On-chain data further supports the market’s qualitative growth. Santiment’s coin age consumed metric dropped sharply by 64%, from 461 million DOGE to 168 million DOGE, demonstrating strong holding sentiment among investors. Notably, mega whales holding over 1 billion DOGE have recently accumulated an additional 280 million DOGE, increasing their total holdings to 70.84 billion DOGE in an aggressive buying move.
Glassnode’s HODL Waves indicator shows that the proportion of short-term holdings between one and three months fell significantly from 10.41% to 5.70%, while the share of long-term holdings over six months increased, suggesting that speculative supply has transitioned into long-term investment capital. On the 12-hour chart, Dogecoin is forming a cup-and-handle pattern. If it defends the $0.103 support level and breaks through the $0.117 resistance, a sharp rally of approximately 50% toward $0.180 appears highly likely.
The Smart Money Index remains stable above its signal line, confirming that experienced investors’ capital continues to stay in the market. If Dogecoin overcomes its current technical resistance and enters a full-fledged upward trajectory, it could serve as a decisive signal ushering in a major bull cycle for the entire meme coin sector. Global investors are now closely watching the tail end of Dogecoin’s chart.
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