Bitcoin and Ethereum rally renews Dogecoin pump speculation

Bitcoin (BTC) surged back above $116,000 on Thursday, with Ethereum (ETH) crossing the $3,900 mark in a continued 24-hour rally. The strong gains, fueled by renewed market momentum, have prompted analysts to speculate that the rebound could pave the way for the next major Dogecoin pump.

Research firm 10x Research, in a July 28 market note, identified several catalysts behind the upswing in the world’s two largest cryptocurrencies. The firm predicted Bitcoin could retest its $111,673 breakout point before offering what it called “a favorable risk/reward entry.”

Despite the positive moves, 10x Research warned that compressed volatility, seasonally weak August–September trading, and a lack of strong macroeconomic tailwinds could cap gains. Political shifts, such as the former U.S. President Donald Trump’s renewed push to expand 401(k) retirement plan access to crypto and his emphasis on gold—are also expected to influence sentiment.

“Seasonal patterns are hard to ignore, but investor positioning can change quickly when policy headlines hit,” — a 10x Research spokesperson said in the note.

From fear to technical resistance

Only a week ago, Bitcoin dipped below $110,000 amid fears of a market breakdown. Swissblock, a digital asset analytics firm, reported that while the drop rattled traders, overall risk metrics remained contained.

Since then, Bitcoin has rallied into what Swissblock calls its “blue zone” target—a technical range indicating potential upward momentum. The firm now sees $120,500 as the next breakout level, but warns consolidation is likely before any significant move higher.

“A quick push to $120,500 could be followed by a pause—and that’s when a Dogecoin pump could find a perfect entry point,” — Marco D’Angelo, senior analyst at Swissblock, told CryptoBrief.

Retail buyers drive accumulation

On-chain data from Glassnode reveals sustained accumulation among smaller investors—often referred to as “shrimps” and “fish,” meaning wallets holding less than 100 BTC.

In July, these groups collectively added 17,000 BTC to their balances, surpassing the monthly new issuance of roughly 13,850 BTC. “Shrimps” alone snapped up nearly 10,000 BTC, a sign of strong grassroots demand.

For policy makers, this surge in retail buying underlines the growing household exposure to volatile assets—a factor regulators may weigh when considering investor protection measures. For crypto investors, it reinforces the idea that grassroots sentiment can ignite broader rallies, much like those seen during a Dogecoin pump in past market cycles.

Ethereum leads altcoin sentiment

Ethereum has been quietly outpacing Bitcoin in relative terms. According to crypto hedge fund BitBull, the ETH/BTC ratio has risen nearly 75% since hitting May lows and is now pressing against a major resistance level.

The climb has been accompanied by a rising “Impulse” indicator, a measure of altcoin market strength. Historically, this pairing has preceded robust altcoin rallies. If the ETH/BTC ratio breaks higher, analysts say a new wave of gains across alternative coins could follow—potentially including another headline-grabbing Dogecoin pump.

MN Trading Capital co-founder Michaël van de Poppe told investors he has gone “all-in” on altcoins, forecasting potential returns of 200–500% over the next two to four months. He views Ethereum’s surge as evidence of rising risk appetite.

However, not all voices are optimistic. Trader Ash Crypto urged caution, pointing to August and September’s track record as historically weak months for cryptocurrencies. Data from CoinGlass supports this, showing Q3 has been Ethereum’s least profitable quarter since 2016, with an average return of just 6.48%.

Could a Dogecoin pump be next?

While Bitcoin and Ethereum dominate headlines, the market’s speculative energy often spills over into meme coins. Analysts note that the last time retail accumulation was this aggressive, altcoins—particularly Dogecoin—saw rapid, outsized gains.

For the general public, the prospect of a Dogecoin pump is often seen as a lighthearted entry point into crypto. For investors, it’s a high-risk, high-reward trade that can either amplify portfolio gains or wipe them out in days. For policy makers, it raises questions about market froth and the need for clearer rules on speculative assets.

“If Bitcoin holds above key support and Ethereum continues to lead, the market psychology is ripe for another Dogecoin pump,” — Michaël van de Poppe said.

As the crypto market navigates political developments, seasonal trends, and shifting investor sentiment, one thing is clear: whether it’s a measured move in Bitcoin or a wild Dogecoin pump, volatility remains the defining feature of digital assets.