Dogecoin [DOGE] saw a modest 2.97% daily gain as it rebounded from the $0.1727 support level and climbed to $0.1992 at press time. The recovery coincided with a surprising political twist—Elon Musk’s viral apology to Donald Trump. While the moment stirred social media buzz, it failed to ignite the kind of retail frenzy that has historically driven DOGE to explosive highs.
Trading metrics showed a surge in activity: DOGE’s volume soared by 37.73% to $5.21 billion, and Open Interest rose by 10.84% to $2.20 billion. However, a closer look at CryptoQuant’s Spot Volume Bubble Map suggests that small retail holders are not fueling this move. The map lacked the dense, red clusters that typically appear when retail investors pile into DOGE, a sign that this rally is being powered by larger players or speculators.
Adding to this, CryptoQuant’s Retail Frequency Heatmap also showed little evidence of heightened “ant” investor activity. Historically, Musk’s tweets or public moments have led to retail-driven breakouts—but this time, the excitement remains contained. Without this grassroots support, DOGE’s price action could be more of a short-term spike than a sustainable uptrend.
From a technical perspective, DOGE is now testing the upper boundary of a long-standing descending channel, with key resistance near $0.2496. Bollinger Bands are narrowing—often a precursor to heightened volatility—while the MACD is approaching a potential bullish crossover. Yet, unless DOGE breaks out convincingly, the trend remains under pressure.
Meanwhile, bullish sentiment is crowding the market. CoinGlass data shows the Long/Short Account Ratio on Binance above 60%, with $2.55 million in short liquidations on June 11 alone. This skew suggests directional confidence but also exposes DOGE to a swift correction if resistance holds.
In essence, Dogecoin’s latest move is being propelled by social sentiment and derivative interest rather than the mass appeal that drove its earlier surges. For a breakout to sustain, retail euphoria must return. Until then, DOGE’s rally could remain fragile—driven more by whales than by the crowd.
Also Read: Dogecoin Rally at Risk? Whale Sends 155M DOGE to Robinhood
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
