According to U.Today, Dogecoin (DOGE) has experienced significant positive market sentiments recently, including a 14% price rebound driven by increased network activities. This surge has notably boosted investor confidence in the meme coin, as highlighted by data from IntoTheBlock.
DOGE's large transaction volume saw a substantial increase of 36.31%, amounting to $1.02 billion, following the price rebound. This indicates heightened activity from institutional players and large holders, who were either consolidating their assets or readjusting their portfolios. Dogecoin's performance outpaced other entities like Lido Staked Ether and Cardano, which had transaction volumes of 19.47% and 5.82%, respectively. In contrast, assets such as Ethereum and Toncoin recorded negative transaction volumes.
Additionally, the daily active addresses on the Dogecoin network increased slightly by 1.52%, with 47,360 active addresses recorded in the last 24 hours. This growth suggests that more users are engaging in transactions and other activities on the network.
Despite these positive developments, for Dogecoin to reach the $1 mark, significant catalysts are needed. An earlier report from U.Today emphasized the necessity for new participants to join the network and for the growth metrics to remain consistent over time. Analysts believe that sustained positive metrics could eventually propel Dogecoin toward the elusive $1 level.
