Dogecoin is forming a bullish flag at the $0.22 level with a target of $0.24 as hashrate increases to a record level amidst expanding mining.

Long-term cycles show familiar preparations

The price of Dogecoin (DOGE) is at $0.22 at the time of writing, up 1% daily and 2% weekly. The trading volume in the past 24 hours reached $2.27 billion.

Previous cycles are a testament to the explosive history of this token. In 2017, DOGE increased by about 9,000%. In the 2020–2021 cycle, the increase surpassed 26,000%. Both price surges occurred after prolonged accumulation phases, where the price remained stable for a long time before suddenly rising.

Since 2021, DOGE has primarily traded between $0.05 and $0.30, forming a multi-year base. Weekly chart indicators show a pattern similar to previous price surges. Trader Tardigrade notes: "The Dogecoin season has not started yet," suggesting that this asset is still in its early stages.

On the 4-hour chart, DOGE has formed a bullish flag pattern, consolidating between $0.218 and $0.222 after a strong surge. This structure typically appears before the price continues to rise when breaking out of the range.

Trader Tardigrade notes:

"#Dogecoin Bull Flag IS LOADING A price surge could target $0.24, reaching the previous support level."

$0.24 remains the immediate support level to watch.

Hashrate has increased to a record level

The network strength of Dogecoin has reached new highs. The hashrate, an expression of the total computational power securing the blockchain, has increased from an average of 2.2–2.4 PH/s in March to over 2.9 PH/s by the end of August.

Analyst KrissPax reports:

"Dogecoin's hashrate has just reached a new record! $DOGE."

The official Dogecoin account responded:

"Is this because some parts of the community are mobilizing to protect themselves from potential threats? Like what just happened with Monero recently? Hmm..."

Earlier this month, the Qubic blockchain community voted to redirect hashrate power to DOGE to defend against a 51% attack. This incident brought attention to the importance of mining power in maintaining network security.

Corporate moves in the mining industry

Thumzup Media Corporation, a publicly listed company on Nasdaq, has confirmed it will acquire Dogehash, a North American mining company focused on Scrypt assets like Dogecoin and Litecoin.

Dogehash operates around 2,500 ASIC miners and plans to expand capacity before the end of the year. Once completed, this merger will make Dogehash one of the largest Dogecoin mining units, contributing to the industrial base of the network.

Register for a Binance account to receive permanent trading fee rebates:

- New account registration link: https://accounts.binance.com/register?ref=Q2FSX523

- Referral code: Q2FSX523