- DOGE addresses and its velocity increased sharply in the recent past.
Analysis revealed that the memecoin was testing a crucial resistance.
As a seasoned researcher with years of experience in the cryptosphere, I must say that the recent surge in Dogecoin [DOGE] network activity is nothing short of phenomenal. The increase in addresses and velocity, as well as the rise in transaction count, are clear indicators of increased adoption.
In a notable development for Dogecoin [DOGE], its network activity has reached an impressive level recently, indicating increased adoption. Concurrently, the value of this meme-based cryptocurrency experienced a surge in market demand.
Dogecoin’s network activity on FIRE!
In simpler terms, a well-known cryptocurrency expert named Ali shared a tweet about an intriguing update. According to his post, the number of addresses has spiked to approximately 133,880, which is the highest it’s been in nearly eight months.
Indeed, our examination of Santiment’s data aligns with this finding. It appears that the frequency of Dogecoin (DOGE) being utilized in transactions has grown noticeably over the past month, suggesting a higher velocity.
Additionally, just like the trend seen last month, the number of transactions for this meme-coin increased significantly as well. These advancements suggest an upward trajectory in Dogecoin’s utilization.
How is DOGE doing?
According to CoinMarketCap, Dogecoin’s weekly and daily charts have maintained a positive trend. At the moment of writing, Dogecoin is being traded at approximately $0.1115. It’s worth mentioning that earlier reports from AMBCrypto suggested that Dogecoin, the world’s largest meme coin, was in a phase of consolidation.
Consequently, AMBCrypto decided to delve further to ascertain if any changes might occur in the forthcoming days.
As an analyst, I’ve uncovered some intriguing insights regarding the activity of significant traders, or “whales,” in the memecoin market. The consistent number of whale transactions over the past week suggests they have been actively trading this digital asset. Furthermore, a rise in Dogecoin’s MVRV ratio indicates increased investor enthusiasm and potential growth.
At the moment when I’m making these findings, the metric stands at 1.2%. Admittedly, this number doesn’t meet our expectations, but the progress made seems to indicate a shift in market dynamics.
Nonetheless, DOGE’s Weighted Sentiment declined in the last few days, indicating that bearish sentiment around an asset is increasing.
Furthermore, our research revealed that during composition, the Fear and Greed Index for Dogecoin was indicating a “greed” state. Typically, when this level is reached, it suggests a potential future decrease in price.
Read Dogecoin’s [DOGE] Price Prediction 2024–2025
Based on our examination, Dogecoin was attempting to breach a significant resistance level at the current moment. If it manages to break through successfully, we may see Dogecoin heading back towards $0.13.
If bears gain dominance over the market, it’s possible that the memecoin could see a reversal, potentially falling to around $0.10. Dropping below this level might also cause Dogecoin to slide slightly more, possibly reaching approximately $0.094 in the upcoming weeks.
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2024-10-13 13:11