The Secret To Dogecoin’s Rising Bullish Optimism Is…

As the crypto prices continue to swing to the market’s changing tune, Dogecoin price has been showing some signs of seller exhaustion.

Recent data suggest that bullish optimism is making a comeback. But could the observations pave the way for a strong demand surge?

Dogecoin price action demonstrated lower sell pressure in the last 6 weeks, compared to the period between mid-January and the second week of March.

An outcome that many analysts see as a slowdown in sell pressure. More importantly, both spot and derivatives data align with the perceived loss of momentum by the bears.

For context, Dogecoin open interest was up by over 5% and options volume surged by more than 200% in the last 24 hours.

The surge in options volumes and open interest was a sign of renewed interest in the derivatives segment.

In addition, funding rates remained on the positive side indicating that the DOGE’s activity in the derivatives segment was mostly bullish.

Coinglass orderbook statistics revealed that over $2.7 million worth of perpetual buys occurred on OKX and Binance in the last 3 days.

Meanwhile, spot movements indicated that large trades worth roughly $1.38 million occurred during the same period on Coinbase, Binance and OKX.

Dogecoin Spot Outflows Dip to the Lowest Levels Observed So Far in 2025

Dogecoin spot flows have been mostly bearish since near mid-November. This was around the same time that profit-taking intensified after the November rally.

Spot outflows remained dominant since then although there were instances where spot inflows spiked here and there.

The low weak spot outflows signal that sell pressure tapered off which presented an opportunity for a demand resurgence.

This observation also aligned with the 90-day tariffs pause which means the markets have some time for composure before the tariff wars escalate again.

The dip in spot outflows also aligned with Dogecoin’s sideways price action. However, this also raised questions regarding the state of DOGE accumulation.

Now that the memecoin has been bearish since December, it was likely that the extended downside in the last 3 months was bound to start attracting demand.

Dogecoin Price Recap

Based on the above data, it was clear that demand for the memecoin was still weak, especially from the whale cohort.

However, this does not necessarily mean that demand was non-existent. Dogecoin’s (DOGE) price action appeared to be experiencing support near the $0.15 price level with some interesting observations near the same price zone.

Note that this was also the same price zone where the November 2024 rally kicked off. Dogecoin’s Money Flow indicator demonstrated a bit of an uptick since 9 April.

The MADC indicator also confirmed that volume has predominantly been in the green since then.

The MFI’s uptick signaled an accelerating pace of accumulation within Dogecoin’s recent lows.

This outcome was also in line with the observed pace of price decline, which confirmed that he memecoin was in a zone of accumulation.

Will Memecoins Still Be Hot in The Next Bull Run?

Some key figures in the investment landscape including Ark Invest CEO Cathy Woods cast a shadow of doubt over the fate of memecoins.

Some analysts believe that the next bullish phase of the market will mostly focus on cryptocurrencies that offer utility.

As a result, there have been some concerns about whether memecoins will still remain relevant.

However, Dogecoin has been around for quite some time and still continues to demonstrate demand.

Dogecoin’s price has in recent history, demonstrated a significant degree of correlation to Bitcoin.

Its OG memecoin status may still boost its relevance in the market. For now, Dogecoin price’s inability to bounce back strong is a reflection of the overall state of the market.

Sentiment remains weak due to the uncertainty caused by the recent political-economic disruptions.