Dogecoin [DOGE] may be on track to repeat a familiar pattern from the past that could be accompanied by a major bull run ahead. According to a recent tweet from a prominent analyst, the digital coin dropped 65% after breaking out of a multi-year descending triangle pattern. It previously rallied 200% before correcting. If history repeats itself, DOGE could be on the verge of another strong rally.
Dogecoin Development Activity Spikes
One of the key indicators supporting the rally is altcoin development activity. According to data from Santiment, Dogecoin development activity has increased sharply since the beginning of this month.
The increase in innovation and updates in the DOGE ecosystem could strengthen investor confidence in this Cryptocurrency and make the asset more attractive to long-term Holders.
Large transaction volume increased sharply
Another positive indicator for DOGE is the recent increase in large trading volume. Over the past 24 hours, large trading volume has increased by 7.04%, according to IntoTheBlock.
The increase in large transactions shows increased interest from Dogecoin whales and institutional investors. They can lead to large fluctuations in the market.
Social Mentions of Dogecoin Soar
History shows that social sentiment is often the main driver of altcoin price movements, and Dogecoin is no exception.
In fact, the latest data shows a strong growth in social volume. Since late September, mentions of DOGE on social media platforms have increased sharply.
As Dogecoin accumulates social traction, increased public attention could further fuel its price volatility.
With key metrics showing strong growth in developer activity, large transactions, and social mentions, Dogecoin seems poised for acceleration.
If this pattern continues to repeat, DOGE could be in for another significant price surge as has happened in the past.
