The increase in Dogecoin (DOGE) network activity has excited investors, with comments from renowned crypto analyst Ali Martinez.$DOGE
Dogecoin (DOGE) has seen a significant increase in network activity as the market has turned bullish. This development suggests that crypto investors are showing more interest in DOGE. The popular memecoin is trading at $0.32 at the time of writing and has increased by 2.83% in the last 24 hours. Dogecoin’s address activity has increased significantly in the last week, with new addresses up 102% and active addresses up 111%. This data suggests that user engagement is increasing and new participants are joining the ecosystem.
However, despite this increase in address metrics, Dogecoin’s transaction volume has not increased at the same rate. The number of daily transactions has fallen below 40,000, indicating that its usage areas are still limited. Despite more users joining the network, the low transaction volume shows that Dogecoin has not yet been fully adopted. However, it is stated that if there is an increase in transaction volume, a new bull run may begin in DOGE.
Cryptocurrency analyst Ali Martinez attracted attention with his Dogecoin analysis on X (formerly Twitter). Examining DOGE’s past price movements, the analyst pointed out that a new rally was possible. Martinez stated that DOGE showed major increases in 2017 and 2021 and experienced corrections of around 40-50% during this period.
When evaluating today's situation, DOGE has experienced a 46% pullback after a sharp rise as of 2024. Based on these developments, Martinez predicts that a new rally may begin for DOGE.