In recent months, the global financial markets have been shrouded in uncertainty, with the altcoin market being one of the most affected areas in the cryptocurrency industry. For example, the largest meme coin, Dogecoin, saw its market value shrink by over 55% in the first quarter of 2025.
However, the market for Dogecoin (DOGE) seems to be improving, with its price rising nearly 15% in the past week. According to the latest on-chain observations, the recent upward trend may just be the beginning of a new round of increases for this meme coin in the coming weeks.
Will DOGE experience a sustained bull market?
Anonymous cryptocurrency analyst Cryptollica published an article on April 26 on platform X, predicting that the price of Dogecoin may continue to rise in the coming weeks. This prediction is based on changes in the MVRV metric, which tracks the ratio of the token's market value to its actual value.
The MVRV ratio essentially reflects the ratio of the value held by investors (market value) to the value they have invested (actual value). Therefore, when the value of this metric is greater than 1, it indicates that more investors are currently profiting. Conversely, when the value is less than 1, it suggests that most of the market is in a loss state.
Therefore, a higher MVRV ratio is often seen as a signal for price peaks, as investors are more likely to sell assets when they are in profit. On the other hand, when the metric falls below the threshold of '1', it indicates that the market may be bottoming out.
As shown in the image above, the MVRV ratio of Dogecoin seems to be gradually strengthening near the '1' threshold. Beyond its on-chain significance, this level has also played a key role in some past trend reversals; whenever the MVRV ratio maintains near this level, the price of Dogecoin tends to rebound to new local highs.
In August 2017 and August 2020, when the MVRV ratio was at current levels, the price of Dogecoin skyrocketed by 1,900% and 2,200%, respectively. The last time this level was reached was in August 2024, when the price of Dogecoin rose by over 400%, breaking through $0.5.
Historically, the price of Dogecoin may be preparing for a significant rise. Given the improvement in market conditions, a sustained bull market does not seem entirely impossible at this point.
Overview of Dogecoin Prices
After briefly touching the $0.19 mark in the early hours of Saturday, April 19, the price of Dogecoin appears to have retreated. As of the writing of this article, the price is hovering around $0.18, down 0.3% in the past 24 hours.
