Dogecoin (DOGE) bulls are bracing for new highs after on-chain metrics flash green. This comes after consecutive weeks of sideways trading despite attempted bullish resistance. On the broader scale, meme coin sentiments have skyrocketed, leading to an over $10 billion addition to the market. The jump is in line with the Bitcoin price surge and an uptick in DeFi numbers.
Futures Traders Back Mega DOGE Run
On-chain data shows over 69.5% of open Dogecoin positions on Binance Futures are long. This indicates a spike in trader optimism following recent DOGE price movements. The futures market gives an outlook on traders leaning towards the next cycle. Currently, DOGE holders are set for a price climb if the status quo remains unchanged.
The long-to-short ratio is 2:2, signaling a trade imbalance that often leads to volatility. Expert trader Ali Martinez hinted that the long positions on Binance soared past 75% over the weekend. Although present figures dropped in hourly trading, overall sentiment remains stable behind a price uptick.
Binance volume is also key to the bulls’ reaction to open long positions. Traditionally, positive Binance metrics propel market participants into an accumulation phase. DOGE price trades at $0.2438, a 4% rally in the past 24 hours. Weekly gains for the leading meme coin moved past 43%, igniting multiple breakout attempts. Over the past week, DOGE holders have flagged the $0.5 price mark as the next target.
Is A Meme Coin Frenzy Ahead?
Amid growing positive on-chain factors, several DOGE bulls are keen on fresh inflows, citing macro trade conditions. Dogecoin enthusiast Krisspax wrote that recent price surges have set the tone for a massive jump.
“After the big Dogecoin price move up from $0.17 to $0.25, $DOGE take a bit of a breather, then reclaims $0.25 overnight. This makes a nice cup and handle pattern forming where if Dogecoin gets back to $0.25 it’s a path to go even higher.”
The influx of institutional demand for Bitcoin and top altcoins has reshaped meme coin dynamics, leading to growth. Shiba Inu (SHIB) soared 27% in the last seven days while PEPE and Official Trump spiked 76% and 20% in the same period.
