Any investor who was active through the 2021 or 2024 market cycles understands how intense Dogecoin (DOGE) FOMO can be. With the market rebounding in August and altcoin market capitalization surpassing $1 trillion, the question arises: could such a frenzy return?
Several notable August data points are fueling optimism among DOGE investors.
DOGE Accumulation by Both Retail and Whale Investors
CoinMarketCap data shows that DOGE’s 24-hour trading volume recently surpassed $4 billion — a 100% increase from the average since the start of the month.
According to Whale Insider, DOGE dominates South Korea’s retail trading market, with volumes hitting $300 million and surpassing XRP.
Whales are also joining the mid-August accumulation. Lookonchain data reveals that a wallet linked to Galaxy Digital sent $125 million USDC to Hyperliquid and purchased multiple tokens, including DOGE.
BeInCrypto reported that addresses holding between 100 million and 1 billion DOGE accumulated more than 2 billion DOGE in the past week, worth roughly $500 million.
Glassnode statistics place DOGE among the top altcoins for 7-day percentage gains. The analytics platform notes that speculative demand among investors is rising.
“7-day returns highlight broad altcoin strength: ETH +25.5%, DOGE +25.5%, XRP +16.2%, SOL +13.6%. These moves reflect an intensifying speculative bid and a market-wide appetite for higher beta exposures as momentum builds outside $BTC,” Glassnode reported.
Price gains, surging exchange trading volumes, and on-chain whale accumulation reinforce positive sentiment from both retail and institutional investors.
Netflow Signals Bullish Momentum
Another signal comes from DOGE Spot Netflow — a metric that measures net capital inflows into DOGE on exchanges. Historically, positive netflow (as seen in October 2024) has coincided with bullish price action.
Over the past 30 days, DOGE’s netflow shifted from -$93 million on July 23 to over +$7 million on August 13. This trend indicates that inflows are now outpacing outflows.
A similar pattern in late 2024 fueled a 340% price surge, pushing DOGE above $0.48. If netflow remains positive in August, DOGE could replicate its 2024 rally — when widespread FOMO drove prices to record highs.
Miner Activity Points to Confidence
CoinWarz data shows DOGE’s hashrate hit a new August peak of over 2.9 PH/s.
Miners have not abandoned the network despite DOGE’s price dropping more than 70% from its late-2024 peak to $0.13 in April 2025.
A steadily rising hashrate means miners continue supporting this PoW network, enhancing its security and signaling confidence in DOGE’s future profitability.
Joao Wedson, founder and CEO of Alphractal, adds that DOGE’s Mining Equilibrium Index — which measures miner profitability — rose in August, potentially indicating the start of a new buying wave.
“The Mining Equilibrium Index indicates that Dogecoin tends to enter major uptrends when miners return to high profitability. The recent rise in this index could be an early signal of renewed buying strength,” Wedson said.
Taken together — surging trading volumes, positive netflow, and improving mining profitability — these factors are converging to create bullish momentum for DOGE in August. Many investors hope a fresh FOMO wave could replicate DOGE’s 2021 rally structure and drive prices toward $5.
However, history warns of extreme volatility. The 2021 and 2024 cycles saw corrections of up to 90% and 70%, respectively.
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