Any investor who has experienced the market cycles of 2021 or 2024 can feel the heat that the Dogecoin (DOGE) FOMO wave can generate. Now, as the market is recovering in August and the altcoin market cap has surpassed $1 trillion, the big question is: will that mania erupt again?
Some noteworthy data in August is igniting new hopes for the DOGE investor community.
DOGE is being accumulated by both retail investors and whales
According to data from CoinMarketCap, DOGE's 24-hour trading volume recently broke the $4 billion mark — doubling the average since the beginning of the month.
Whale Insider reports that DOGE is currently dominating the retail trading market in South Korea, with a trading volume reaching $300 million, surpassing XRP.
Not only retail investors, but whales have also started to accumulate aggressively since mid-August. Lookonchain data reveals a wallet linked to Galaxy Digital transferred 125 million USDC to Hyperliquid to purchase various tokens, including DOGE.
Additionally, addresses holding between 100 million and 1 billion DOGE have accumulated over 2 billion DOGE in just one week, worth approximately $500 million.
Statistics from Glassnode place DOGE among the altcoins with the strongest percentage gains in the past 7 days, while also noting that investor speculation demand is clearly rising.
Glassnode comments:
"The 7-day performance shows strength spreading across the altcoin market: ETH +25.5%, DOGE +25.5%, XRP +16.2%, SOL +13.6%. These price jumps reflect a strong wave of speculation and high-risk demand spreading, as the upward momentum extends beyond the range of BTC."
The combination of price increases, explosive trading volume on exchanges, and on-chain accumulation activity by whales is creating a solid foundation for the optimistic sentiment of both retail and institutional investors.
Net capital flow signals bullish momentum
Another noteworthy signal comes from the net capital flow index — a measure of the net capital flowing into DOGE on exchanges. History shows that whenever the net flow remains positive (as occurred in October 2024), DOGE's price often enters strong rallies.
In the past 30 days, DOGE's net capital flow has sharply reversed, from -$93 million on July 23 to over +$7 million on August 13. This shows that the inflow of capital is far exceeding the outflow.
A similar scenario occurred at the end of 2024, when positive net capital flow sparked a 340% breakout, pushing DOGE past the $0.48 mark. If this trend continues in August, DOGE could very well repeat the historic increase of 2024 — a time when the FOMO wave exploded, driving prices to record highs.
Miner activity shows confidence
According to data from CoinWarz, DOGE's hashrate reached a new peak in August, surpassing 2.9 PH/s.
Despite the fact that DOGE's price has dropped more than 70% from its peak at the end of 2024 to just $0.13 in April 2025, miners still persist.
The steady increase in hashrate shows solid support for this PoW network, reinforcing its security while reflecting miners' confidence in the long-term profitability prospects of DOGE.
Joao Wedson, founder and CEO of Alphractal, stated that DOGE's Mining Equilibrium Index — a measure of miners' profitability — has increased in August, which could signal the beginning of a new buying wave.
"The Mining Equilibrium Index shows that Dogecoin often enters strong growth phases when miners regain high profitability. The recent increase in this index could be an early signal that buying pressure is returning," Wedson said.
When combining three factors — a surge in trading volume, consistently positive net capital flow, and improved mining profits — the overall picture indicates that the bullish momentum for DOGE in August is becoming increasingly strong. Many investors expect a new wave of FOMO could recreate the 'mania' of 2021 and push DOGE's price closer to the $5 mark.