Dogecoin, the leading memecoin, has witnessed more than a 6% surge in value within a day, captivating the investment community’s interest. The cryptocurrency now trades at a notable $0.1982, marking a 5.31% gain and a commanding $29.4 billion market capitalization. Its daily transaction volume has experienced a 53% hike, hitting $5.02 billion, with market watchers eyeing the $0.2 mark as DOGE‘s on-chain activities intensify.
Dogecoin’s Potential Price Surge
Crypto expert Rekt Capital has observed Dogecoin’s robustness in the face of market challenges. The digital currency has recently retested and bounced back from its Macro Downtrend line, notching an impressive rally of over 55%. Furthermore, Dogecoin has emerged from a Bull Flag pattern and appears to be securing the pattern’s upper edge as its newfound support level.
Market analysts and investors are now closely monitoring Dogecoin for a promising escalation beyond the $0.20 threshold. Such an upswing could herald the start of a climb towards record highs, potentially surpassing the $1 benchmark.
Notable On-Chain Activity Uptick
Concurrently, Dogecoin’s on-chain metrics indicate a vibrant shift in its network dynamics, drawing market attention. There’s been a significant uptick in transaction volume, large-scale whale movements, and the age of DOGEs held.
On-chain data provider Santiment reports a dramatic surge in active Dogecoin transactions, soaring from 1.22 billion to 9.2 billion in merely two days, signaling heightened engagement with the memecoin. Whale transactions, involving transfers of DOGE worth over $100,000, have also swelled from around 1,500 to over 4,000 daily transactions at the month’s end, pointing to increased activity from substantial investors.
The age consumed by DOGEs—a metric that tracks the holding period of the coins—has seen growth, indicating investors’ preference to hold their DOGEs in anticipation of future price increases. This trend underpins the growing confidence of investors in Dogecoin’s prospective value appreciation.