Dogecoin – the 'king' of meme coins – made waves in the market in 2021 with a spectacular breakout, yet it still hasn't been able to reach the long-awaited milestone of 1 dollar. However, despite the increasing competitive pressure from a slew of new projects, Dogecoin still retains its unique appeal, especially when looking at recent performance.
Since 2021, the crypto industry has undergone transformative changes – with a strong entry of major financial institutions and a more mature market. In this context, expectations for DOGE to restart its journey toward the 1 USD mark are once again being revived, especially as the 'altcoin season' shows signs of heating up.
In the previous peak rally, Dogecoin reached the 0.73 USD mark. With the current price around 0.22 USD – down 67% from the historical peak – the recovery potential for DOGE is still very large. In fact, in the past week, this coin has increased by up to 17%, aligning with the strong upward trend of the entire market.
The question arises: Can Dogecoin finally fulfill the 'dream of 1 dollar' this time? With momentum from the new altcoin season and the return of FOMO cash flow, that possibility has never been closer.
Is the biggest bull wave approaching?
DOGE seems to be entering a new bull cycle, as technical signs repeat historical patterns. After three strong rallies in the past three years, the big question is: Is DOGE preparing for a breakout past its historical peak, nearing the 1 USD mark?
Three waves of increase – and the trend is becoming increasingly clear
March 2022: DOGE had its first acceleration after the decline from the 2021 peak, with a price increase of up to 94% in just one day (March 22).
February–March 2024: A stronger rally lasted for 4 weeks, with an increase of over 200%.
October–December 2024: The third bull wave appears and continues to push the price higher, before a slight pullback.
Notably, each rally has been stronger than the previous one, while the gap between rallies is also shortening. Additionally, the corrections after price increases have created higher lows since October 2023 – a technical signal indicating that a long-term bullish trend is being established.
Fourth wave of increase: A historic opportunity for DOGE?
Since mid-June 2025, DOGE has begun to recover. If the previous model continues to repeat, the fourth bull wave may be in the early stages of formation – and is likely to be stronger than the previous three waves. With the current momentum, it is not out of the question that DOGE will reach a new all-time high (ATH), even approaching the important psychological milestone of 1 USD – something the community has been waiting for since 2021.
Although the potential for price increase is becoming evident, market sentiment is still not completely in agreement. According to predictive data from the decentralized platform Polymarket, only 18% of investors believe that DOGE will reach a new ATH by 2025. This could signal that some investors are still skeptical, or simply that… the opportunity has not been accurately priced.
Whales are still 'holding on'
Although Dogecoin's recent price increase is not as impressive as the breakout in July, the market is still maintaining a stable bullish trend. Importantly, whales – the influential group of investors – seem to have not left the game, as there are no significant signs of panic selling.
According to data from CoinGlass, the cash flow of whales in the spot market is still leaning towards net buying – a clear bullish sign:
Binance: Continues to lead with over 12.86 million USD in net buying of Dogecoin, showing optimistic sentiment from large investors on the most liquid exchange in the market.
OKX: Following closely with a net buying amount of 9.88 million USD, indicating active participation from whales in Asia and emerging markets.
Coinbase: Although smaller in scale, it still recorded net buying of up to 3.51 million USD, reflecting a certain interest from institutional and individual investors in the North American market.
In the derivatives market, the upward trend continues to be reinforced with over 123 million USD in net buying on both Binance and OKX – despite occurring in the context of increasing liquidation of leveraged positions. This shows a mix of caution and decisiveness from large investors, as they still place their trust in the long-term bullish trend of DOGE.
With positive cash flow, Dogecoin has also recorded a significant increase in its market dominance in the altcoin space, with an increase of over 9% in the past week. This is an indicator showing that investor interest in DOGE is rising, outperforming many other altcoins in the meme coin segment.
Nevertheless, the bigger picture still harbors potential risks. Bitcoin's dominance has surpassed 60% and continues to rise – a warning signal that capital in the market may be shifting back to Bitcoin, rather than continuing to flow into altcoins.
If this trend continues, liquidity for DOGE and other altcoins may shrink, causing the bullish momentum to stall or reverse.
With history repeating itself, higher low trends, and the altcoin season showing signs of revival, Dogecoin could very well be in the early stages of a major bull cycle. If the 'repeat but stronger' scenario occurs, this wave could be the best opportunity for DOGE to approach 1 USD – something millions have been waiting for over the past four years.
However, despite the current signals leaning towards a bullish trend, traders should not be complacent. With the increasing presence of leveraged orders and widespread euphoria, the risk of a 'flash crash' still looms.