Dogecoin (CRYPTO: DOGE) bulls say increasing on-chain activity and bullish technical indicators make DOGE an attractive prospect, even as the meme coin struggles at multi-year lows.

DOGE To $2?

The official Dogecoin account struck an optimistic tone despite the prolonged price decline, posting: “Checked the chart. Still a dog on it. Fundamentals intact.”

In an X post on Aug. 6, crypto analyst CryptoPatel argued the market is overlooking Dogecoin’s long-term setup, saying the token is quietly building a base while traders focus on short-term price swings.

"One day DOGE could be trading above $2…and the same people ignoring it today will call it obvious in hindsight," the analyst said.

CryptoPatel identified an accumulation zone between $0.07 and $0.09, with upside targets at $0.50, $1 and $2. The analyst added that the bullish thesis would be invalidated by a high-timeframe close below $0.048.

Active Addresses Spike

In an X post on Aug. 5, crypto chart analyst Ali Martinez highlighted growing network activity, noting that weekly active Dogecoin addresses increased 16%, rising from 38,000 to 44,000.

“DOGECOIN IS WAKING UP,” Martinez said.

The increase in active addresses suggests more wallets are interacting with the Dogecoin network, metric traders often monitor for signs of improving user engagement and renewed market participation.

SoSoValue data shows U.S. DOGE Spot ETFs witnessed an inflow of $82.64K on Aug.4, 2026 after the last inflow of $345.13K on July 21, 2026. This takes the total inflow days of 2026 to nine.

During the week, crypto trader pointed to DOGE touching its most oversold levels ever which could be a potential signal for a long-term bottom.

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