Dogecoin shows bullish signals for potential rally in October 2024

In recent developments, Dogecoin (DOGE) has shown positive signs in its on-chain metrics and chart patterns, indicating a potential rally for the cryptocurrency. This analysis comes from crypto expert Ali Martinez, who shared a 'buy' signal for DOGE, suggesting that the current market behavior mirrors previous cycles. Notably, the current performance has seen four consecutive weeks of gains, followed by two weeks of losses, similar to patterns observed in past bull runs. The current cycle began 140 days after the last halving, compared to 175 days in previous cycles, leading to speculation that the likelihood of further declines is diminishing. Additionally, data from IntoTheBlock reveals a significant decrease in large transaction volumes by 55.9%, while daily active addresses have increased by 4.3%. This shift suggests a growing interest in Dogecoin among smaller investors, which could be a precursor to a larger market movement. The concentration of Shiba Inu, another meme coin, remains high among large holders, indicating sustained interest in meme-based cryptocurrencies as long-term investments. The recent uptick in short-term trading and active addresses for Dogecoin has been highlighted by Altcoin Buzz, which notes that such bullish indicators have historically led to major price rallies. As the cryptocurrency community anticipates potential growth, the upcoming Benzinga event on November 19 will delve into the influence of meme coins in the market. Overall, the current trends in Dogecoin's trading activity and market metrics suggest a possible upward trajectory, prompting analysts and traders to keep a close watch on its performance in the coming weeks.