Dogecoin's Major Metric Rises 35%, Could Send Price Soaring
Dogecoin (DOGE) has seen a rise in activity over the previous 24 hours. CoinMarketCap reports a 35% rise in trading volume over the last 24 hours.
IntoTheBlock data shows DOGE address activity rising along with trade volume. In particular, the number of daily active addresses—the unique addresses participating in transactions on a given day—rose to 55,440. Interestingly, this is the largest 30-day DOGE active address count.
DOGE's daily active addresses have grown over the previous week, suggesting more on-chain transactions. This rise in on-chain activity also leads to more DOGE blockchain addresses. On the weekend, 55,440 active addresses were registered, up 32% from 42,000 the day before.
Though the number of daily active addresses has dropped significantly from its high, the trend remains solid. Compared to last week, IntoTheBlock reports a 11.41% rise in new addresses and 6.22% in total active addresses.
What's Next for DOGE?
This rise in activity shows rising Dogecoin interest and involvement. As more people transact, prices may rise. New addresses also show good attitude toward DOGE, signaling that current users are becoming more active and new players are entering the Dogecoin ecosystem, which increases on-chain activity.
CoinMarketCap reports 35% more daily trading volume. The volume rise suggests more Dogecoins have changed hands in the previous 24 hours. This spike in trading volume may be attributable to exchange selloffs as well as purchasing pressure.
Over the previous week, IntoTheBlock reported a $14.5 million DOGE downflow on exchanges. This means more DOGE coins have been moved from exchanges to private wallets than sold off, indicating bullishness from certain DOGE traders.
The optimistic mood has not yet affected DOGE's price. Currently, DOGE trades at $0.1002. DOGE rose to $0.104 yesterday but is presently down 1.93%. This shows that trading volume increased due to previous purchasing pressure and a brief selloff.
