Dogecoin has gained over 10% as memecoins pick up speculative momentum in the last week of October. Derivatives data and DOGE's ratio against Bitcoin hint at a shift, and a breakout could send the price toward $0.10.
Dogecoin has gained over 10% in the last week of October, as memecoins gained 5% in market cap and over $1 billion flowed back into the sector. The key question is whether the recovery can sustain into November.
Memecoins rebound after a weak month
October had seen little capital inflows into memecoins before this. The sector's total market cap dropped from a late September high of $37 billion to just over $26 billion, while the broader crypto market lost more than $300 billion in net outflows over the same period.
Dogecoin, the biggest memecoin, corrected above 18% in that stretch. AMBCrypto reads this as investors cutting exposure during risk-off cycles rather than rotating into memecoins.
Derivatives data turns bullish
According to Coinglass, Dogecoin's 24-hour long/short ratio is bullish again after a week of consistent bearishness. That followed DOGE breaking below $0.08, a level it had held for over six weeks.
A breakout from the current range could trigger a short squeeze, potentially sending the price back toward the key $0.10 resistance level. DOGE has not reclaimed that level since breaking below it in mid-May.
DOGE gains ground on Bitcoin
The DOGE/BTC ratio is up over 2% this week, its first green week in over a month. Bitcoin dominance is hitting resistance around 60% while BTC breaks below $80k, which could signal an early shift into higher-risk altcoins.
Capital rotation into memecoins alone may not be enough to sustain a rally. Still, on-chain metrics pointing to a potential accumulation zone suggest the pickup may not be a fluke.
Source: AMBCrypto
Trading involves risk.
Risk Disclaimer
