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Dogecoin (DOGE), the world’s first and largest meme coin, has seen a notable increase in activity in recent days. According to recent market data Dogecoin’s large transaction volume has skyrocketed by more than 41%, while daily active addresses have increased by more than 35%. These developments, which indicate an increase in interest among large-scale token holders, could act as a catalyst to push the Dogecoin price towards the coveted $1 mark.
Increase in Dogecoin transaction volume and daily addresses
In the crypto market, large-scale transactions involving significant amounts of a specific cryptocurrency are often associated with entities known as ‘whales‘, who execute strategic moves that have the potential to influence market trends. Recently IntoTheBlock revealed that Dogecoin has registered a massive increase in its large transaction volume, skyrocketing an impressive 41.12% to $23.35 billion.
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This significant increase in Dogecoin’s large transaction volume suggests this increased involvement and activity among players with deep pockets. Furthermore, the sharp rise could indicate growing interest from institutional investors or whales who see potential in the meme coin’s future trajectory.
According to ITB data, there is also a remarkable event spike in Dogecoin daily active addresseswith a 34.91% increase indicating wider adoption and an increase in the number of meme coins network activity.
As a blockchain metric, daily active addresses measure the number of unique wallet addresses involved in transactions of a given cryptocurrency within 24 hours. An increase in the daily active address of a cryptocurrency like Dogecoin often suggests that more users are engaging with the network, whether investing, trading or transacting.
Despite this strong metric activity, The price of Dogecoin has fallen by more than 2.2% in the last 24 hours and down to $0.33. Nevertheless, ITB reports that Dogecoin remains “largely bullish,” a sentiment that contrasts with continued market volatility and price swings. Interestingly, this bullish optimism could indicate that the rise in Dogecoin’s on-chain statsBoth the high transaction volume and daily active addresses could be a potential catalyst for a price rebound.
Could this push DOGE to $1?
Although Dogecoin faced regular backlash speculative characterits ability to maintain relevance and growth in the crypto market should not be overlooked. Dogecoin’s increase in high transaction volume and daily active addresses could be an early indicator of a broader trend shift, potentially signaling the rise of the meme coin. next upward rally.
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While IntoTheBlock has labeled these increases in Dogecoin’s on-chain metrics as ‘bullish’, break past $1 will likely require more external catalysts and a change in current market conditions. Crypto analyst Trader Tardigrade has done this, for example predicted that Dogecoin could rise to the $1 benchmark very soon.
However, the meme coin’s recent pullback could act as a bullish springboard, as the analyst has stated that a retracement often precedes a huge price rise.
Featured image created with Dall.E, chart from Tradingview.com
