In recent discussions about Dogecoin, two prominent figures have highlighted significant metrics suggesting a potential rally for the meme coin.
Ali, known by the handle @ali_charts, reported that the Dogecoin network is witnessing substantial growth. He noted a remarkable 72% increase in new $DOGE addresses over the past week, with 19,630 new addresses created just yesterday. This surge indicates heightened interest and activity within the Dogecoin community.
The #Dogecoin network is experiencing significant growth! Over the past week, there's been a 72% increase in new $DOGE addresses, and just yesterday alone, 19,630 new #DOGE addresses were created! pic.twitter.com/5Tj8ZvcxUu
— Ali (@ali_charts) October 1, 2024
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Dogecoin Market Cycles
Meanwhile, Ðima James Potts, tweeting as @DimaPotts36, provided a detailed analysis of Dogecoin’s market cycles.
He expressed optimism about the coin’s trajectory, pointing out that historical patterns show that when Dogecoin breaks above a certain threshold (the white line in his chart) and maintains that position for a week, a significant parabolic surge typically follows. This breakout occurred last Sunday, suggesting that a bullish trend could commence shortly.
Potts emphasized the potential for substantial gains, comparing previous cycles. He noted that Cycle 1 recorded a staggering +9,363% increase, while Cycle 2 saw an even more impressive +29,626% gain. For the upcoming Cycle 3, he anticipates even greater increases, driven by several factors:
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Increased Adoption: Dogecoin’s growing acceptance for transactions could enhance demand.Price Affordability: Its lower price point relative to other leading cryptocurrencies may attract more investors.
Technological Upgrades: Improvements in transaction speed and security could boost Dogecoin’s utility.Potts urged investors to prepare for potential volatility, as significant dips have historically preceded even larger surges.
With these developments, he believes Dogecoin is well-positioned for a cycle that could eclipses the gains of its predecessors.
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The post Rising Dogecoin (DOGE) Metrics Hints at Upcoming Surge; Gains Could Surpass Previous Rallies appeared first on CaptainAltcoin.
