Dogecoin's journey to $1 is still a hot topic among crypto enthusiasts, especially as recent surges in price coincide with notable spikes in transaction volumes. Despite the overall market's volatility, Dogecoin has been riding high on increased activity on its network.
The surge in transaction volume, from 1.22 billion to 9.20 billion in just 48 hours according to Santiment data, is certainly eye-catching. Alongside this, there's been a noticeable uptick in the velocity of $DOGE transactions, indicating heightened activity within the network. This surge in velocity could provide additional fuel to Dogecoin's recent rally.
Furthermore, the influx of new holders accumulating DOGE suggests that the recent price surge isn't solely due to existing holders accumulating more, but rather new participants entering the market. This influx of interest from new addresses underscores Dogecoin's growing popularity within the broader crypto landscape.
However, while Dogecoin's recent performance is impressive, there are potential hurdles on the horizon that could hinder its future growth. As the crypto market continues to evolve, only time will tell if Dogecoin can maintain its momentum towards the coveted $1 mark.
