After outperforming many rivals over the week, Dogecoin (DOGE) is now under pressure, dipping by 21% today. Crashing to $0.11 during the market-wide dip on October 10th, DOGE managed to close the day at $0.1932.

Fueling the rapid price swings is a surge in DOGE’s daily trading volume, which exploded by 300%, reaching $12 billion. Despite the volatility, many analysts remain bullish, especially since DOGE’s momentum isn’t broken, as it continues to create higher lows.

The activities of whales and institutions are bolstering the optimistic sentiment surrounding DOGE. Millions of DOGE have been withdrawn from exchanges following the broader dip, easing selling pressure and signaling confidence from holders.

Big Holders Appear to Be Bracing for Another Rally as DOGE Disappears From Exchanges

The immediate reaction to the recent price shock by whales was to pull their DOGE from exchanges into private wallets. As a result, nearly $149 million has been shifted out of trading platforms over the past 24 hours.

This withdrawal doesn’t just reduce tokens available for quick trading, but signals increasing conviction among large players. With the backdrop of waning interest in rival meme assets such as dogwifhat (WIF), whales seem to be choosing long-term DOGE holding rather than rotating.

At the same time, Wall Street remains interested in DOGE. The 21Shares DOGE ETF is a step closer to launching, as it recently appeared on the DTCC pre-launch list. Combined, the shrinking exchange liquidity and growing institutional interest could see DOGE explode once demand returns.

A Cross Above $0.24 Could Set DOGE on a Path to $1

Holding at $0.1940 today, DOGE has erased much of its October 10th losses. Traders seem confident that it will continue growing, as suggested by its 3.3 long/short ratio.

Now, all eyes are on the $0.24 mark, which marks DOGE’s nearest resistance level and its 50-day Simple Moving Average (SMA). Surpassing this resistance would reinforce a series of higher lows, signaling sustained buying interest.

Such a breakout could spark renewed momentum and pave the way for DOGE to clear resistance zones around $0.3. If successful, the leading meme coin could deliver tremendous gains, potentially targeting $1 and replicating its 2021 upward trajectory.

Maxi Doge Emerges as Potentially Better Option Than Dogecoin: Presale Hits $3.5M

Although DOGE’s explosive potential in this cycle shouldn’t be overlooked, analysts are showing increasing interest in its top alternatives. Among them, Maxi Doge (MAXI), a new dog-themed meme coin in presale, is dominating the headlines.

Alessandro De Crypto, a meme coin expert, says that’s because the token is yet to have its first big pump. Unlike DOGE, which has a market cap of $29 billion, MAXI will join the potentially bullish market as a micro-cap meme coin.

Plus, it isn’t yet another plain copy of DOGE, but a token that seems perfectly made for the current market. Aiming to unite its community around high-leverage trading, it combines community-driven enthusiasm with utility. For example, those holding MAXI will have access to various trading competitions and receive rewards based on their trading performance.

Beyond an exciting long-term vision, MAXI’s early adoption rates fuel the bullish outlook many analysts share. So far, it has raised over $3.5 million, adding $1 million to the counter over the past 10 days. Those joining the presale now stand to secure MAXI at a discount and take advantage of its 85% staking APY.

With DOGE appearing ready to make a strong upward move, a new meme coin season may be around the corner. MAXI seems ready to thrive in those conditions, leaving newcomers with little time to act to secure the best returns.