Dogecoin (DOGE) has been in the spotlight this week, with its large trading volume reaching a new all-time high, and its price soaring 114% in the past seven days. In the past 24 hours alone, Dogecoin's trading volume has exceeded 60.9 billion, reaching a weekly peak, indicating a surge in network activity.
Meanwhile, the price of DOGE has risen from around $0.18 to a peak of $0.42, before stabilizing around $0.39, giving it a staggering market capitalization of $57.27 billion. What has driven this sudden surge? As shown in the image above, the surge in high-value transactions indicates an unprecedented level of interest from large participants.
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The daily record of large transactions has reached 9.41k, and the activity of this token has reached a level never seen in its entire history. Furthermore, the second chart emphasizes this scale, showing that the recent large transaction volume far exceeds the previous high set in early 2021, a period known for breaking the excitement of cryptocurrencies. As of the time of writing, the trading price of the DOGE cryptocurrency is $0.3915.
DOGE's Bullish Triangle Breakout: Will History Repeat Another Surge?
Due to the positive price outlook and the massive trading volume, the token's price has recently broken out of a multi-year bullish triangle, a pattern that typically signals a significant price increase. Historically, similar breakouts have led to explosive growth in Dogecoin (DOGE).
For example, in 2017, a similar triangle pattern breakout led to a 9,221% surge, while in 2021, another breakout caused the token to rise over 30,000%. Now, in late 2024, the DOGE cryptocurrency is showing signs of repeating this pattern. The current chart's triangle breakout is consistent with previous setups, indicating that the current rally has only just begun.
If Dogecoin can replicate even a fraction of its past gains, it could see a substantial upswing. According to the chart, if this historical pattern plays out fully, analysts believe Dogecoin's potential upside target could reach as high as $9 - a staggering 13,000% increase.
