- DOGE addresses and its speed have increased sharply in the recent past.
- The analysis revealed that memecoin was testing crucial resistance.
Dogecoin (DOGE) has achieved a remarkable milestone in the recent past regarding the use of its network. This milestone clearly reflects an increase in adoption. Meanwhile, the memecoin price has also gained bullish momentum.
Dogecoin network activity on FIRE!
Ali, a popular crypto analyst, recently published a tweet revealing an interesting development. According to the tweet, addresses recently jumped to 133,880. This is a major development as the number reaches its highest level in eight months.
In fact, AMBCrypto’s analysis of Santiment data also revealed a similar scenario. We noticed that DOGE’s speed increased last month, which means that DOGE was used more often in transactions within a set time frame.
To support this, the number of memecoin transactions also followed a similar upward trend last month. All these developments indicate an increase in the use of DOGE.
Source: Santiment
How is DOGE doing?
According to CoinMarketCapDOGE’s weekly and daily charts remained green. At press time, DOGE was trading at $0.1115. Notably, AMBCrypto reported Earlier, the world’s largest memecoin was in the consolidation phase.
Therefore, AMBCrypto planned to dig deeper again to find out if things might change in the coming days.
Our analysis found that whales were actively trading memecoin. This is evident from the stable number of whale transactions over the past week. Additionally, Dogecoin’s MVRV ratio has also increased.
At press time, the metric had a value of 1.2%. Although this figure is not up to par, its improvement suggests a change in the market trend.
Nonetheless, DOGE’s weighted sentiment has declined over the past few days, indicating that bearish sentiment around an asset is increasing.
Source: Santiment
Additionally, we also found that at the time of writing this article, Dogecoin Fear and Greed Index was in the “greed” phase. Generally, when the index reaches this level, it indicates an upcoming price decline.
Read Dogecoin (DOGE) Price Prediction 2024-2025
According to our analysis, DOGE was testing crucial resistance at the time of release. A successful breakout could take Dogecoin back towards $0.13.
However, if the bears take control of the market, then memecoin could see a correction, falling to $0.10. A drop below this mark could send Dogecoin even lower to $0.094 in the coming weeks.
Source: TradingView
