Traders are increasingly optimistic about Dogecoin (DOGE) as its price reached a monthly high on July 20. Despite the enthusiasm, some remain cautious about confirming a bullish trend. According to CoinMarketCap data, DOGE rose by 6% in the past 24 hours, and over the past 30 days, Dogecoin has climbed 6.64% amidst the market rebound.

In addition to price movements, Dogecoin has shown a significant increase in open interest (OI), the total value of all outstanding futures contracts. According to CoinGlass data, Dogecoin’s open interest surged by 15% to $771 million in the past 24 hours, the highest level for July. DOGE’s derivatives trading volume also surged by 34%, reaching $2.6 billion.

The pseudonymous trader EricCryptoman told his followers that Dogecoin is in a phase of “breakout and retest,” which could lead to its outperformance over Ethereum and Solana. Meanwhile, the pseudonymous crypto trader ‘theunipcs’ noted DOGE’s “incredible strength,” suggesting it is leading the memecoin rally and will “pull other established memes with it.” He also pointed to the strong correlation with Floki (FLOKI), which recently saw gains when DOGE rallied.

Speculation is also growing about whether Dogecoin can replicate its previous dramatic rise following a Bitcoin halving. Dogecoin reached its all-time high of $0.73 on May 8, 2021, roughly a year after the 2020 Bitcoin halving. If history repeats itself, Dogecoin could potentially hit a new all-time high in April 2025, a year after the upcoming Bitcoin halving.м