Dogecoin Driven by New Addresses: DOGE Breakout in Sight?
- Dogecoin up 110% in new addresses.
- Potential breakout in DOGE price.
- Network growth indicates increasing adoption.
O Dogecoin (DOGE), the largest memecoin by market cap, is showing signs of resilience and breakout potential even amid recent volatility. Despite a nearly 20% drop in its price over the past week, DOGE has demonstrated remarkable growth across its network, with an impressive 110% increase in the number of new addresses.
This significant growth, revealed by on-chain analyst Ali Martinez, indicates a considerable increase in interest and adoption of Dogecoin. The number of new addresses jumped from 16.400 to 34.600 in the last month, a clear sign that the bearish sentiment towards the price of DOGE has not stopped new investors from joining the community.
Furthermore, as data In recent times, DOGE network activity is on the rise, with active addresses seeing a 47% increase in the past month, rising from 110.000 to 163.000.
Amid the scenario, Martinez hinted at a potential bullish breakout in Dogecoin price soon. “Something big could be brewing for #Dogecoin $DOGE ! A strong rally could be in the offing,” stated . “Dogecoin $DOGE may be gearing up for a major rally as Stock RSI nears a bullish crossover. Momentum is shifting!”, complemented .
The expansion of the Dogecoin network could have a positive impact in the long term, boosting trading volume and liquidity, which in turn could lead to an increase in the value of DOGE. However, it is crucial that the Dogecoin ecosystem continues to attract and retain new users to sustain this growth.
At the time of publication, Dogecoin’s price is trading at $0,1684, up 1.3% over the past 24 hours. Dogecoin (DOGE) trading volume is $1.461.045.044 over the past 24 hours, representing a 26,40% drop from a day ago and signaling a recent drop in market activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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