Dogecoin has proved to be the finest memecoin, as the other memes fell under the bearish influence as the top one started to swell. The liquidity flow onto the token has increased heavily, which has helped the levels to rise above $0.46 at the moment. After achieving these levels, the DOGE price appears to be ready for another bullish run, which could elevate the levels close to the $1 milestone, probably before the end of 2024.
DOGE price displayed a bullish daily close above the key resistance at around $0.39, which helped the token to begin the day’s trade above $0.4. One of the main reasons for the sudden spike can be the gigantic rise in the number of active addresses. These levels, which failed to rise in the times of the early 2024 upswing, have now demonstrated a huge rise.
The active address count has reached 1.6 million from levels around 70K, suggesting an acute rise in the trading activity, which has increased the volatility of the token. Besides, the whales have been shedding their holdings since the start of the month, which has allowed the market participants to take over the rally.