Dogecoin (DOGE) has reached a new monthly peak as of July 20, fueling optimism among traders. Despite this uptick, some remain cautious about confirming a sustained bullish trend. According to CoinMarketCap, DOGE has risen by 6% in the past 24 hours and experienced a 6.64% increase over the last 30 days, reflecting a broader market rebound.
In addition to price movements, Dogecoin has witnessed a significant boost in Open Interest (OI), which measures the total value of outstanding futures contracts. CoinGlass reports that DOGE’s open interest surged by 15% to $771 million over the past 24 hours, marking the highest level for July. Additionally, the derivatives trading volume for DOGE jumped by 34% to $2.6 billion.
Pseudonymous trader EricCryptoman has noted that Dogecoin is experiencing a “textbook breakout & retest in play,” which could potentially lead it to outperform major cryptocurrencies like Ethereum and Solana. Similarly, another pseudonymous crypto trader, ‘theunipcs,’ has highlighted DOGE’s “incredible strength,” suggesting it is leading the memecoin rally and could drive gains in other established meme tokens. He also mentioned a strong correlation with Floki (FLOKI), which has recently seen gains alongside DOGE’s rally.
Speculation is also mounting that Dogecoin might replicate its previous dramatic rise following a Bitcoin halving event. DOGE reached its all-time high of $0.73 on May 8, 2021, about a year after the 2020 Bitcoin halving. If historical patterns hold, Dogecoin could potentially achieve a new all-time high in April 2025, a year following the upcoming Bitcoin halving.
