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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 increased by more than 35%. These developments, which indicate an increase in interest among large-scale token holders, could serve as a catalyst to push the price of Dogecoin towards the coveted $1 mark.
Increased Dogecoin transaction volume and addresses daily
In the cryptocurrency market, large-scale transactions involving significant amounts of a specific cryptocurrency are often associated with entities known as “whales‘, who make strategic moves that have the potential to influence market trends. Recently, IntoTheBlock revealed that Dogecoin saw a massive increase in its large transaction volume, skyrocketing by an impressive 41.12% to reach $23.35 billion.
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This significant increase in Dogecoin’s large transaction volume suggests greater commitment and activity among players with deep pockets. Additionally, the strong surge could indicate growing interest from institutional investors or whales who see potential in the meme coin’s future trajectory.
According to ITB data, there was also a notable spike in Dogecoin daily active addressesrecording an increase of 34.91% 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 particular cryptocurrency within 24 hours. An increase in the daily active address of a cryptocurrency like Dogecoin often suggests that more users are interacting with the network, whether for investing, trading or transactions.
Despite this strong metric activity, Dogecoin price dropped by more than 2.2% in the last 24 hours, falling to $0.33. However, ITB reports that Dogecoin remains “mostly bullish,” a sentiment that contrasts with ongoing market volatility and price fluctuations. Interestingly, this bullish optimism could signal that the increase in Dogecoin on-chain parametersBoth large transaction volumes and daily active addresses could be a potential catalyst for a price rebound.
Can this push DOGE to $1?
Although Dogecoin has faced regular backlash on its speculative natureits ability to maintain relevance and growth in the cryptocurrency market cannot be overlooked. The increase in Dogecoin’s large transaction volume and daily active addresses could be an early indicator of a broader trend shift, potentially signaling the impact of the meme coin. next upward rally.
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While IntoTheBlock labeled these increases in Dogecoin’s on-chain metrics as “bullish,” exceeding $1 will likely require more external catalysts and a change in current market conditions. For example, cryptocurrency analyst Trader Tardigrade has expected that Dogecoin could reach the $1 benchmark very soon.
However, the meme coin’s recent pullback could serve as a bullish springboard, as the analyst said that a retracement often precedes a massive price rally.
Featured image created with Dall.E, chart from Tradingview.com