Dogecoin (DOGE), the first meme coin in the crypto industry, made a huge comeback last week when it crossed the $0.22 mark —a price not seen since November 2021.

Data from CoinGecko shows that DOGE’s price has increased 22.3% weekly, and its trading volume has increased more than 50% to 3.17 billion. DOGE is currently trading at $0.20.

Its market capitalization remains past $30 billion, well above Cardano (ADA), making it the 8th largest cryptocurrency.

Is DOGE Set For Another 2020 2021 Rally?

Popular analyst Alí Martinez (Ali_Charts on X) stated that DOGE has been outshined by most of the new participants in the meme coin market, but it remains the “most important altcoin” in this sector.

“From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, it could be at the very beginning of a massive parabolic bull run.”

Source: X

Is DOGE Making A Comeback Soon?

DOGE remains one of the hottest meme coins following its bullish performance last week.

Over $5 million worth of DOGE shorts have been liquidated in the past 24 hours alone. Moreover, data from IntotheBlock shows nearly 90% of DOGE holders are in profit.

Most analysts are picking DOGE back up and forecasting new short and long-term prices. Similar to Ali’s bullish sentiments, Altcoin Sherpa predicts a 3X jump for DOGE in the next six months.

Moreover, market intelligence platform Santiment suggested that DOGE is giving bullish signals after last week’s performance. It seems that DOGE might make a comeback as major dormant whales wake up again and move DOGE back into circulation.