closely followed crypto analyst says that one on-chain metric is signaling that meme asset Dogecoin (DOGE) may soon witness a burst to the upside.
Crypto analyst Ali Martinez tells his 37,300 followers on the social media platform X that the memecoin is experiencing a steady rise in the number of new addresses, contributing to its expansion.
âDogecoin is experiencing a notable network expansion! Thereâs a steady rise in the creation of new DOGE addresses, consistently reaching new highs. This increase in network activity is a promising sign for DOGE as it lays the groundwork for a potential upward price action.â
GCEGdqvWkAEI8If Source: Ali Martinez/X Dogecoin is trading for $0.0921 at time of writing.
Moving on to Shiba Inu (SHIB), another dog-themed digital asset, Martinez says that the altcoin is seeing massive outflows from crypto exchange platforms.
âSince November, thereâs been a massive withdrawal of over 8 trillion SHIB from known crypto exchange wallets â thatâs valued at approximately $88 million!â
Source: Ali Martinez/X At time of writing, SHIB is worth $0.00001071.
Wrapping up his analysis, Martinez brings up the smart contract platform Fantom (FTM). According to the strategist, the path looks clear for FTM to land near $0.66 after surpassing the key resistance level of $0.47.
âFantom has triumphantly surpassed a key resistance at $0.47, where 1,430 addresses accumulated over 653 million FTM. With this resistance now acting as support and no major supply walls in sight, the path looks clear for FTM to march toward $0.66 or even higher.â
#DOGE January 2024 is getting closer, a renewed wave of optimism has flooded the cryptocurrency market, the participants of which have probably made a wish for further gains and more agreeable regulators, particularly in the United States, as evident in the recent advances of Bitcoin (BTC) and altcoins.
With this in mind, Finbold has analyzed the crypto sphere to arrive at the list of several altcoins, i.e., cryptocurrencies other than the flagship decentralized finance (DeFi) asset, that are demonstrating strength and, therefore, represent a good buy in January 2024.
#1 Dogecoin (DOGE) As it happens, Dogecoin (DOGE) has experienced an increase in the number of accounts holding more than $1 million worth of DOGE over the past year, and at press time, it amounted to 718, with as many as 107 addresses possessing over $10 million of the famous dog crypto, as Finbold reported on December 20.