Dogecoin Flat For A Month Despite Elon Musk's Shoutouts: What Is Going On?

Dogecoin's DOGE/USD flat performance over the past 30 days despite repeated shoutouts from Elon Musk has left traders debating what is next for the apex meme coin.

What Happened: Crypto chart analyst Ali Martinez noted that in case traders are expecting a breakout, they should watch out for the key resistance level at $0.11, where 23,400 addresses hold around 31 billion DOGE.

If you're anticipating a #Dogecoin breakout, keep in mind the key resistance level at $0.11, where 23,400 addresses are holding ~31 billion $DOGE! pic.twitter.com/iAP28te0bl

— Ali (@ali_charts) September 16, 2024

Another crypto trader commented on resistance levels, stating that Doge is rejected by resistance and this trendline resistance is too strong for DOGE to break out for now. The trader concluded, "The apex is coming closer, so we are about to have a break-out."

Crypto trader Kaleo predicts 2025 is going to be “lit” for Dogecoin. However, he expects a boring momentum for the next couple of months.

Yet another trader stated that a Dogecoin pump triggers an altseason and currently Dogecoin is forming a "similar fractal as of 2021." He added that this happened in 2020-21 and also happened in Q4 2023.

Also Read: ‘Dogecoin Millionaire’ Highlights Pepe and Dogecoin As ‘Two Biggest Meme Narratives For 2025,’ Shiba Inu, Floki To Follow

IntoTheBlock data shows Dogecoin's large transaction volume increased by 4.6% and daily active addresses dropped by 3.3%. Transactions greater than $100,000 increased from 172 to 208 in a single day. Exchanges netflows widened by 293.3%.

Dogecoin is trading around $0.102, up 2% on the day but flat over the past 30 days.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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• Dogecoin Up 4.7%, Benefits From Another ‘DOGE’ Tweet By Elon Musk

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