The price of Dogecoin has been making headlines recently, with a significant increase in network activity. The increase in active addresses and large transactions has sparked discussion of a potential all-time high (ATH) for the price of Dogecoin. However, while the current momentum is encouraging, certain factors need to align before we see Dogecoin reach new highs.
Surge in active addresses could trigger Dogecoin price rally
DOGE price currently trades at $0.112, up 0.2% in the past 24 hours and up over 39% since the crash on August 5. Data from Santiment shows that the rise in Dogecoin’s price has been accompanied by a significant increase in active addresses. Dogecoin active addresses surged to 133,880, the highest level in more than eight months.
A surge in activity is typically a bullish indicator, indicating more users participating in the network, and also reflects growing interest and participation in the Dogecoin ecosystem.
DOGE Price Analysis: Can Dogecoin Reach $3?
Despite the volatility in the market, the price of Dogecoin has shown resilience. As of now, Dogecoin is trading at around $0.11, and the increase in whale activity and large transactions indicates that institutional investors may be positioning themselves for a potential upward move.
However, DOGE price prediction shows that several conditions must be met for DOGE to reach a new ATH, which is currently $0.73756.
The overall market sentiment needs to remain positive for the price of Bitcoin and other major cryptocurrencies to maintain an upward trend.
Continued support from influential figures such as Elon Musk and social media can play a key role in driving DOGE prices higher.
The bull run has begun, with Dogecoin and other crypto assets soaring in price.
Interestingly, analyzing Dogecoin’s performance after previous Bitcoin supercycles and halving events, it seems that DOGE typically starts to run shortly after the halving.
In the 2016 BTC halving, the Dogecoin price bull run did not begin until 238 days after the halving, while after the 2020 Bitcoin halving, the meme coin waited 189 days before it began to surge.
On the 175th day after the 2024 halving, the price of Dogecoin is right in the range of large fluctuations. The average time of the past two timelines is about 213 days. If we calculate according to this number, it means that the Dogecoin bull market will start in 39 days (November 22, 2024).
While Dogecoin’s recent activity and price surge are encouraging, reaching a new ATH requires sustained momentum and favorable market conditions. An increase in active addresses and a high volume of transactions are positive indicators. Based on data from past Bitcoin halvings, Dogecoin could rise above $2 and reach $3 under the right circumstances.