Dogecoin hits new 8-month high! Whales are eyeing DOGE, is the next opportunity for a surge just around the corner?
Recently, network usage of Dogecoin (DOGE) reached an important milestone.
This shows that adoption is rising, and whenever this happens, meme coin prices tend to rise as well.
Well-known cryptocurrency analyst Ali recently tweeted, mentioning an interesting change. He said that the number of active addresses of Dogecoin soared to 133,880, hitting an eight-month high, showing significant growth.
Not only that, Bitcoin News quoted Santiment’s data analysis depicting a similar trend. Data shows that Dogecoin’s network activity has increased in the past month, indicating that its transaction frequency is increasing.
In addition, the trading volume of meme coins has also increased in the last month. This series of changes shows that the use of Dogecoin is continuing to grow.
Bitcoin News previously reported that DOGE is in a consolidation phase, meaning its price is moving sideways, awaiting its next direction. Therefore, Bitcoin News plans to provide an in-depth analysis of the trends in the coming days.
From our observations, large traders (whales) are still actively trading Dogecoin.
We note that as of writing, Dogecoin’s (DOGE) Fear and Greed Index shows a “greedy” status.
Usually, when this kind of index is in the "greedy" stage, it often indicates that the price may usher in a correction.
According to our analysis, Dogecoin is currently testing a key resistance level. If there is a successful breakout, the coin is expected to hit the $0.13 level again.
