Dog-themed cryptocurrency Dogecoin rose over 10% in the last 24 hours, reaching $0.244 early Saturday before settling at $0.243 at press time.
Dogecoin has risen for four consecutive days since Aug. 5, with a broader rebound beginning from a low of $0.188 on Aug. 3.
The rally is supported by accumulation and large holder activity, with 230 million Dogecoin (DOGE) bought by whales in a 24 hour period, according to crypto analyst Ali Martinez.
Dogecoin's price recovery has made it the best-performing cryptocurrency in the top 10 by market cap. DOGE is now up 23% in the last seven days, beating Ethereum's gain of 20% and Cardano's 15%.
As Dogecoin recovers from an earlier drop it had in late July, smart money seems to be accumulating positions before the next trending phase begins.
Big Dogecoin breakout ahead?
According to popular crypto trader and analyst Kaleo, Dogecoin might be set to rip higher in the coming days.
In a tweet, Kaleo noted that once Dogecoin gets going, it could "take a day or less for it to speedrun it back to the recent highs."
Dogecoin will a day or less to speedrun it back to the recent highs when it gets going
— K A L E O (@CryptoKaleo) August 9, 2025
Kaleo previously stated that Dogecoin is currently where it was in early December 2020, before embarking on a 26,000% increase. Dogecoin's price remains in compression, which often resolves with explosive moves once a catalyst emerges, making DOGE a potential volatility play for traders eyeing breakouts.
In terms of price action, Dogecoin is displaying a double bottom pattern, which forms a "W" shape on the chart, a bullish signal if confirmed. The last leg is respecting a support, so the pattern remains unbroken so far.
