Dogecoin Traders Eye 108% Price Surge to $0.50 Amid 69.5% Long Positions

Dogecoin (DOGE) traders are positioning themselves for a potential price surge to $0.50, driven by a significant increase in on-chain activity. This activity has reached a six-month high, indicating heightened retail interest and engagement within the Dogecoin network. The surge in active addresses suggests that traders are not only holding onto their Dogecoin but are also actively transacting, which could be a precursor to a price jump.

The recent on-chain activity is a clear indicator of growing confidence among Dogecoin holders. The spike in active addresses reflects a renewed interest in the cryptocurrency, which could potentially drive the price towards the $0.50 mark. Traders are going long on Dogecoin, anticipating that the current momentum will continue to push the price higher. This bullish outlook is supported by the overall market sentiment, which has been favorable for cryptocurrencies in recent months.

On the broader scale, meme coin sentiments have skyrocketed, leading to an over $10 billion addition to the market. The jump is in line with the Bitcoin price surge and an uptick in DeFi numbers. On-chain data shows over 69.5% of open Dogecoin positions on Binance Futures are long, indicating a spike in trader optimism following recent DOGE price movements. The futures market gives an outlook on traders leaning towards the next cycle. Currently, DOGE holders are set for a price climb if the status quo remains unchanged.

The long-to-short ratio is 2:2, signaling a trade imbalance that often leads to volatility. Expert trader Ali Martinez hinted that the long positions on Binance soared past 75% over the weekend. Although present figures dropped in hourly trading, overall sentiment remains stable behind a price uptick. Binance volume is also key to the bulls’ reaction to open long positions. Traditionally, positive Binance metrics propel market participants into an accumulation phase. DOGE price trades at $0.2438, a 4% rally in the past 24 hours. Weekly gains for the leading meme coin moved past 43%, igniting multiple breakout attempts. Over the past week, DOGE holders have flagged the $0.5 price mark as the next target.

Amid growing positive on-chain factors, several DOGE bulls are keen on fresh inflows, citing macro trade conditions. Dogecoin enthusiast Krisspax wrote that recent price surges have set the tone for a massive jump. “After the big Dogecoin price move up from $0.17 to $0.25, $DOGE take a bit of a breather, then reclaims $0.25 overnight. This makes a nice cup and handle pattern forming where if Dogecoin gets back to $0.25 it’s a path to go even higher.”

The influx of institutional demand for Bitcoin and top altcoins has reshaped meme coin dynamics, leading to growth. Shiba Inu (SHIB) soared 27% in the last seven days while PEPE and Official Trump spiked 76% and 20% in the same period. According to analysts' forecasts, the $0.50 price target is not an unrealistic goal for Dogecoin. The cryptocurrency has shown resilience and the ability to recover from previous downturns, making it a viable investment option for traders looking to capitalize on its potential growth. The increased on-chain activity and active addresses are positive signs that could attract more investors to the Dogecoin market, further fueling its price appreciation.