🔥💥These four Dogecoin on-chain metrics point to an exponential growth in DOGE price
The price outlook of #Dogecoin (#DOGE ) has been extremely bullish over the past few weeks due to its rise. If DODGE hits a significant hurdle, more gains are likely to come for memecoin, several on-chain metrics suggest. In-chain analysis is used to double-check the feasibility of a potential rally for the original dog-based memecoin.
Four Dogecoin metrics on the chain point to a bullish outlook
The four intra-chain indicators studied are:
The Number of Transactions.
The Age Has Been Consumed.
The ratio of Market Value to Realized Value (MVV).
Big Transactions.
According to sentiment data, the increase in the number of transactions indicates that DOGE investors are more active than usual, which means that there is demand for the meme coin. This metric increased from 1.22 billion to 9.20 billion DOGE transactions in a 48-hour period.
Similarly, the Consumed Age indicator also recorded a large increase during the period in question. High coin age levels imply that a significant amount of coins that were previously dormant are once again on the move, often Decrying short-term behavioral shifts among market stakeholders.
Combined with the Number of Transactions metric, the recent increase in the Consumed Age metric is a sign of local dip formation. January November 2023 and January 2024's previous spikes led to big spikes in the price of Dogecoin.
The Age of the Consumed DOGE
Meanwhile, the 7-day and 30-day Market Capitalization to Realized Value (MVRV) ratios Decelerate around 6.62% and 14.38% respectively, indicating that unrealized profit is very low.
A higher MVRV ratio reveals that many of the owners are sitting on unrealized profits, and this is considered a bearish trend, as owners can sell their piles and start a correction. Similarly, a large negative-valued MVRV is theoretically bullish and may signal that it is the right moment to accumulate a token.
