Analyst Javon Marks said that Dogecoin (DOGE) could rise more than 226%, breaking above its all‑time high (ATH) of $0.73905 set in May 2021. DOGE traded near $0.22 today on July 31, leaving it far below Marks’ first target. If reached, the forecast would deliver gains more than three times Bitcoin’s (BTC) 90‑day return of 68%.
Whales Buy 310M DOGE in the Past 24 Hours
On‑chain data from Santiment showed whales purchased more than 310 million DOGE in the 24 hours ending July 31, equal to about 0.2% of the circulating supply. Whales are investors holding very large amounts of a token, and their buying typically signals confidence in a strong move ahead.
At the same time, more DOGE left centralized exchanges than entered. Coins moving off exchanges are usually held in private wallets instead of being sold, reducing the amount of liquid supply available for trading. Both whale demand and falling exchange balances support Marks’ bullish outlook, as similar conditions appeared before Dogecoin’s rally in 2021.
Wallet Growth Shows Recovery, But Below 2021
Dogecoin’s Address Birth‑Death Ratio remained positive in July, meaning more new wallets were created than old ones went inactive. Daily active addresses averaged 62,000 in July, while about 1.8 million unique addresses were active over the past 30 days.
These figures are 28% higher than in the first quarter of 2025, showing renewed network activity. However, they remain about 35% below the peak levels of 2021, when retail demand drove Dogecoin’s run to its previous ATH. Wallets holding between 1,000 and 10,000 DOGE increased 7% in July, showing a steady return of mid‑sized retail holders. While the trend supports Marks’ view, the lower retail intensity compared with 2021 could limit the pace of a breakout.
DOGE Holds $0.20 Support With Breakout Levels Ahead
Dogecoin (DOGE to USD) traded above its 20‑, 50‑, 100‑, and 200‑day Exponential Moving Averages (EMAs). EMAs smooth out price fluctuations and shows levels where buying and selling pressure often builds. These averages, clustered between $0.208 and $0.224, have provided strong support in recent weeks.
The Relative Strength Index (RSI), which measures whether an asset is overbought or oversold on a scale from 0 to 100, stood at 58. A level above 70 indicates overbought conditions, while below 30 signals oversold. At 58, DOGE remains in neutral territory, giving room for further upside.
The Moving Average Convergence Divergence (MACD), which tracks momentum by comparing two moving averages, is close to a bullish crossover. A crossover above the signal line can indicate rising buying strength.
Chart patterns show immediate support at $0.20. If this level holds, DOGE could retest resistance at $0.25 to $0.26. A confirmed breakout above $0.26 may open the path toward $0.30. If $0.20 support fails, the price could slide toward $0.16. These levels are critical in determining whether Marks’ forecast can begin to play out.
Open Interest and Funding Rates Back the Trend
Dogecoin open interest — the total number of active futures contracts — increased 68% since June. Current levels approach those seen in May 2021 before DOGE hit its ATH. Rising open interest confirms that more traders are entering positions, adding weight to the spot market trend.
Funding rates in DOGE futures remain neutral to slightly positive. Funding is a fee exchanged between long and short traders to balance futures markets. Neutral to slightly positive rates suggest traders lean bullish without excessive leverage. This is important because very high funding rates often precede corrections. Together, rising open interest and healthy funding conditions strongly align with Marks’ bullish forecast.
DOGE Outlook Remains Tied to Bitcoin’s Direction
Dogecoin’s 30‑day correlation with Bitcoin stood at 0.79, showing DOGE still closely follows BTC’s moves. On Wednesday, Bitcoin traded near $111,000 with support around $105,000. Bitcoin dominance — its share of the total cryptocurrency market value — declined to 61% from more than 65% in June. Lower dominance often benefits large‑cap altcoins, as it suggests capital is rotating into assets beyond Bitcoin.
For Marks’ forecast to hold, Bitcoin will need to maintain its support. If BTC weakens significantly, DOGE’s ability to sustain a rally could be limited, regardless of on‑chain strength. But will BTC move in upward direction? Find out in the analysis here.
Dogecoin is supported by strong whale buying, firm technical levels, and growing futures activity. Javon Marks’ bullish forecast aligns with these conditions, but reaching his targets will likely require retail participation to return to levels last seen in 2021.
