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As uncertainty has blinded global financial markets over the past few months, the Altcoin market has been one of the most affected areas in the cryptocurrency industry. For example, Dogecoin (the largest meme coin by market capitalization) lost more than 55% of its value in the first quarter of 2025.
However, things seem to be looking for Doge tokens as prices have risen nearly 15% over the past week. According to the latest chain observation, the recent rally may just be the beginning of another leg of the meme coin in the coming weeks.
Is Doge’s card still awesome?
In an article on X platform on April 26, alias crypto analyst Cryptollica believes that Dogecoin’s price may be ready for an extended bullish period in the coming weeks. The prediction is based on changes in the MVRV metric, which tracks the ratio of the coin’s market value to the realized upper limit.
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The ratio of MVRV basically states the value (market value) that investors have to versus the value they invest (the cap that has been realized). So when the value of the indicator is greater than 1, this means that there are currently more investors making profits. At the same time, a value that is less than one means that most markets are in red.
Therefore, high MVRV ratios are often seen as the highest price signal because investors show more inclinations when making profits and can offload their assets. On the other hand, when the indicator is below the “1” threshold, this indicates that the market may be bottoming out.
As shown in the figure above, the Dogecoin MVRV ratio appears to be thickening at the “1” threshold level. Apart from its on-chain significance, this level has proven key in some trend reversals seen in the past, and Doge’s price returns to new local highs every time the MVRV ratio continues to this trademark.
Dogecoin’s price surged 1,900% and 2,200% respectively when the MVRV ratio reached its current level, respectively. The last time was at this level in August 2024, with the Governor’s price rising by more than 400% to more than $0.5.
Judging from historical precedents, Taoist prices may be possible for major upward movements. Considering the improvement of the market, it seems that the continued bullish run is no longer completely impossible at this time.
Clear at a glance
The Governor’s price seems to have cooled after a brief hit of $0.19 in the early morning of Saturday, April 19. As of this writing, Doge’s price hovers around $0.18, reflecting a 0.3% drop in the past 24 hours.
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Featured images from Istock, charts for TradingView
