Dogecoin may be gearing up for a rally with rising development, transactions, and social buzz.
- Dogecoin may be gearing up for a massive rally, based on a familiar historical pattern. Metrics are all showing signs of a strong comeback.
Dogecoin [DOGE] could be gearing up for a repeat of a familiar pattern from its past-one that might come with a big rally ahead.
According to a recent tweet from a renowned analyst, the memecoin pulled back 65% after breaking out from a multi-year descending triangle setup that once sent it up 200% before correction.
If history is to repeat itself, DOGE could be on the verge of another bull run.
Source: X
Dogecoin development activities surge
One of the key indicators supporting the rally is the altcoin development activities. According to the data provided by Santiment, Dogecoin development activities have massively increased since the beginning of this month.
This uptick in innovation and updates within the DOGE ecosystem may boost investors’ confidence in this cryptocurrency and make the asset more appealing for a long-term holder.
Source: Santiment
Big deals flow as transaction volumes grow
Another highly positive indicator for DOGE is the recent surge in its large transaction volume. In the past 24 hours alone, large transaction volumes have increased by 7.04%, according to IntoTheBlock.
Source: IntoTheBlock
This surge in the number of large transactions suggests an increased interest on Dogecoin whales and institutional players. Their positioning might ignite big movements in the market.
Dogecoin social mentions add fuel to the fire
Historically, social sentiment is often a key driver for altcoin price movement, and Dogecoin is not an excerpt.
In fact, the latest data shows significant growth in social volume. Since late September, mentions of DOGE across social media platforms have surged.
With Dogecoin accumulating social traction, the increased public attention could further boost its price action.
Source: Santiment
With these key metrics showing strong growth in development activity, large transactions, and social mentions, Dogecoin is seemingly ready to go.
If this pattern continues to repeat itself, DOGE might head for another significant rally that has happened in the past.
Take a Survey: Chance to Win $500 USDT
Next: Why Ethereum’s fees dropped, and what it means for ETH
Source
