Attention was directed towards the OG meme coin network. Over the past couple of days, Dogecoin (DOGE) has been making headlines for its increased network activity. The number of large transactions and the total active addresses have witnessed a major spike. While the price continues to move sideways for now, the community hopes to see a rise in the coming days.
Also Read: Top 3 Cryptocurrencies That Could Rally If Donald Trump Wins
Analyzing Dogecoin’s Price Surge And Market Activity
Looking At Dogecoin’s Price
Earlier today, the Dogecoin network recorded the highest number of active addresses in eight months. The total figure rose to 133,880, further setting a bullish tone in the DOGE market. This spike in activity is sometimes interpreted as a positive sign. It indicates that more people are using the network and that interest in and involvement in the Dogecoin ecosystem is increasing.
The Dogecoin network had a relatively stable weekend. In addition, the meme coin was starting the week on a good note. At press time, DOGE was trading at $0.1132 following a 2% increase over the past 24 hours. Considering its current level, the asset remains 84% below its all-time high of $0.737.
Also Read: How Much Bitcoin (BTC) Does Cristiano Ronaldo Hold?
Should You Hold, Buy, Or Sell?
Alongside the other metrics, DOGE’s daily volume shot up. Over the last 24 hours, the trading volume surged by 53%, bringing the total number to $780 million. Expectations for the month of October are high.
Dogecoin, along with other assets in the market, is expected to witness a spike, going by history. Prepping the community for the same, a prominent cryptocurrency analyst, Ali Martinez, shared a bullish prediction. In his recent post on X, the expert pointed out that Dogecoin indicated a buy signal.
Also Read: The Simpsons Predict Bitcoin and XRP: Should We Pay Attention?
Credit: Source link
