The largest meme coin by market capitalization, Dogecoin (DOGE), has rebounded 4% over the past week, with analysts and on-chain data pointing to a potential continuation of the uptrend. During a recent market-wide resurgence, DOGE briefly surpassed $0.10 and currently trades around $0.09, maintaining a market cap of approximately $14.6 billion and its position as the 10th-largest cryptocurrency.
Analysts are projecting significant price targets. Market observer Don on X noted that DOGE has been trading above a key support zone since 2021, with the next critical resistance at $0.40, a level that could open the door to $1. Other analysts, including Mikybull Crypto and Cryptollica, have suggested DOGE is primed for a big move, with the latter envisioning a potential explosion to a new all-time high of $1.60.
Whale activity and institutional interest add to the bullish case. Renowned analyst Ali Martinez revealed that large investors purchased 330 million DOGE in a few days, signaling strong conviction. Furthermore, spot DOGE ETFs from Grayscale, Bitwise, and 21Shares have finally begun attracting capital, indicating renewed institutional interest, though cumulative net inflows remain below $10 million.
Concurrently, data reveals Binance's top traders are quietly building long exposure. According to analysis from CryptoQuant's CW and Coinglass, the long/short ratio for top trader accounts on Binance reached 3.63 on a 24-hour basis, with 78.4% of accounts positioned long. The positions-based ratio, which tracks the size of bets, climbed to 2.52, with 71.61% of positions long. This trend is also visible on a 4-hour timeframe, suggesting a sustained build in bullish exposure even as broader price action remains muted.
This positioning indicates that large traders are anticipating upside before a confirmed price breakout, which could amplify momentum if the market moves higher. However, analysts caution that the crowded long trade also increases the risk of a sharp downside move if fresh spot demand fails to materialize or the broader market weakens.
