In recent discussions about Dogecoin, two prominent figures have highlighted significant metrics suggesting a potential rally for the meme coin.

Ali, known by the handle @ali_charts, reported that the Dogecoin network is witnessing substantial growth. He noted a remarkable 72% increase in new $DOGE addresses over the past week, with 19,630 new addresses created just yesterday. This surge indicates heightened interest and activity within the Dogecoin community.

The #Dogecoin network is experiencing significant growth! Over the past week, there's been a 72% increase in new $DOGE addresses, and just yesterday alone, 19,630 new #DOGE addresses were created! pic.twitter.com/5Tj8ZvcxUu

— Ali (@ali_charts) October 1, 2024

Read Also: Notcoin (NOT) Price Could See a 12.50% Rally, Expert Cites Key Breakout

Dogecoin Market Cycles

Meanwhile, Ðima James Potts, tweeting as @DimaPotts36, provided a detailed analysis of Dogecoin’s market cycles.

He expressed optimism about the coin’s trajectory, pointing out that historical patterns show that when Dogecoin breaks above a certain threshold (the white line in his chart) and maintains that position for a week, a significant parabolic surge typically follows. This breakout occurred last Sunday, suggesting that a bullish trend could commence shortly.

Potts emphasized the potential for substantial gains, comparing previous cycles. He noted that Cycle 1 recorded a staggering +9,363% increase, while Cycle 2 saw an even more impressive +29,626% gain. For the upcoming Cycle 3, he anticipates even greater increases, driven by several factors:

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +Show less –

Read Also: Helium (HNT) Price Primed for Breakout – Could $230 Be Next?

Increased Adoption: Dogecoin’s growing acceptance for transactions could enhance demand.Price Affordability: Its lower price point relative to other leading cryptocurrencies may attract more investors.

Technological Upgrades: Improvements in transaction speed and security could boost Dogecoin’s utility.Potts urged investors to prepare for potential volatility, as significant dips have historically preceded even larger surges.

With these developments, he believes Dogecoin is well-positioned for a cycle that could eclipses the gains of its predecessors.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.

The post Rising Dogecoin (DOGE) Metrics Hints at Upcoming Surge; Gains Could Surpass Previous Rallies appeared first on CaptainAltcoin.