Connect with us
Active Currencies 15957
Market Cap $3,840,002,128,679.60
Bitcoin Share 51.25%
24h Market Cap Change $1.44

Dogecoin usage hits THIS major milestone: How will DOGE benefit?

2min Read

Dogecoin’s network activity has reached new highs, but will this affect DOGE’s price? 

Dogecoin usage hits THIS major milestone: How will DOGE benefit?

Share this article

  • DOGE addresses and its velocity increased sharply in the recent past. 
  • Analysis revealed that the memecoin was testing a crucial resistance. 

Dogecoin [DOGE] has achieved a remarkable milestone in the recent past related to its network usage. This milestone clearly reflected a rise in adoption. While that happened, the memecoin’s price also gained bullish momentum. 

Dogecoin’s network activity on FIRE!

Ali, a popular crypto analyst, recently posted a tweet revealing an interesting development. As per the tweet, addresses recently surged to 133,880. This was a major development, as the number was the highest level in eight months.

In fact, AMBCrypto’s analysis of Santiment’s data also revealed a similar scenario. We found that DOGE’s velocity increased last month, meaning that DOGE was used more often in transactions within a set timeframe.

To back that, the memecoin’s transaction count also followed a similar increasing route last month. All of these developments indicated a rise in DOGE usage. 

Dogecoin's velocity increased

Source: Santiment

How is DOGE doing?

As per CoinMarketCap, DOGE’s weekly and daily charts remained green. At press time, DOGE was trading at $0.1115. Notably, AMBCrypto reported earlier that the world’s largest memecoin was in a consolidation phase.

Therefore, AMBCrypto planned to dig deeper again to find out whether things could change in the coming days.

Our analysis revealed that whales were actively trading the memecoin. This was evident from the stable number of whale transaction counts throughout the last week. Moreover, Dogecoin’s MVRV ratio also increased.

At press time, the metric had a value of 1.2%. Though the figure was not up to the mark, the improvement in it suggested a change in market trend.

Nonetheless, DOGE’s Weighted Sentiment declined in the last few days, indicating that bearish sentiment around an asset is increasing. 

DOGE's MVRV ratio improved

Source: Santiment

Additionally, we also found that at the time of writing, Dogecoin’s Fear and Greed Index was in the “greed” phase. Generally, when the index hits this level, it indicates an upcoming price drop.


Read Dogecoin’s [DOGE] Price Prediction 2024–2025  


According to our analysis, DOGE was testing a crucial resistance at press time. A successful breakout could result in Dogecoin moving once again towards $0.13. 

However, if the bears take control of the market, then the memecoin might witness a correction, in turn, plummeting to $0.10. A drop under that mark could push Dogecoin further down to $0.094 in the coming weeks. 

Source: TradingView

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.