TLDR

Dogecoin realized profits increased by 225.58% in 24 hours, reaching $36.1 million
Trading volume spiked to $2.71 billion, up 63.39% in 24 hours
Daily transactions rose by 7.93% to $595.9 million
DOGE is trading at $0.2296 after gaining 2.47% in a day
Technical analysts identify a “Channel Pullback” pattern suggesting an upcoming rally

Dogecoin is showing renewed strength in the crypto market with a massive increase in profits and trading activity. According to data from Whale.io, DOGE’s realized profits surged by 225.58% in the past 24 hours, reaching $36.1 million. This sharp increase points to traders making substantial gains from recent price movements.

The meme-inspired cryptocurrency is currently trading at $0.2296, representing a 2.47% gain over the last day. More telling is the trading volume, which jumped 63.39% to reach $2.71 billion over the same period.

Daily transactions also saw growth, rising 7.93% to $595.9 million. This uptick in activity suggests growing interest from both retail and institutional investors.

Despite being considered a joke asset by many in the crypto world, Dogecoin continues to demonstrate profit potential. The average buy price for DOGE dropped slightly by 1.02% over the last 30 days, settling at $0.159.

This minor decrease indicates new buyers are purchasing at prices slightly below previous entry points. The high realized profits suggest many DOGE holders are in profitable positions at current price levels.

Technical Patterns Emerge

Technical analysts are taking note of DOGE’s price action. Trader Tardigrade, a crypto analyst, has identified a “Channel Pullback” pattern on Dogecoin’s daily chart. This pattern typically signals trend continuation after cooling off from recent highs.

The same pattern appeared between late April and early May this year. Following that breakout, Dogecoin rose from $0.17 to $0.25 in less than a week.

Dogecoin Price on CoinGecko

With this pattern reappearing, the analyst predicts a potential surge to $0.265 if a similar breakout occurs. On a longer timeframe, some experts see signs pointing to even higher targets.

The 3-day chart shows an Expanding Triangle formation, which is considered a key reversal pattern after a widening consolidation phase. A breakout from this pattern could push prices toward $0.275 and beyond.

Dogecoin’s Lasting Appeal

The data shows that Dogecoin investors have held their coins for an average of 931 days, with this figure rising 1.73% in the last month. This stability in holding periods indicates strong confidence in the cryptocurrency’s future.

DOGE has maintained its market relevance over the years partly due to endorsements from high-profile personalities like Elon Musk. Its use in small transactions, such as tipping, has also helped cement its utility beyond speculation.

The 24-hour price chart reveals that Dogecoin reached a high of $0.237 before experiencing a slight correction. However, it has maintained most of its recent gains.

Looking at longer timeframes, some analysts have drawn parallels to patterns seen in previous market cycles. During both the 2017 and 2021 cycles, certain macro patterns preceded major rallies for Dogecoin.

With the price currently stabilizing above the $0.22 level, traders are watching closely for signs of the next significant move. The recent price correction is viewed by some analysts as a healthy pullback before a potential continued uptrend.

As of today, Dogecoin trades at $0.2296 with increased volume and realized profits, pointing to renewed market interest in this pioneering meme cryptocurrency.

The post Dogecoin (DOGE) Price: Realized Profits Surge 225% as Trading Volume Hits $2.71 Billion appeared first on Blockonomi.

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Filed under: Bitcoin - @ May 22, 2025 9:20 am