The Dogecoin network has been experiencing impressive growth recently, with a 72% increase in new $DOGE addresses over the past week.
On Monday alone, 19,630 new Dogecoin addresses were created, signaling heightened interest and participation in the cryptocurrency.
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
Dogecoin also recorded its biggest jump in active addresses over the last six months, reaching 84,306 active $DOGE addresses. This surge in activity reflects growing engagement within the Dogecoin community.
#Dogecoin just saw its largest spike in active $DOGE addresses in the past six months, reaching 84,306 active #DOGE addresses! pic.twitter.com/OEOAufZfWj
— Ali (@ali_charts) October 2, 2024
Large Investors Still Eyeing Dogecoin, Despite Price Drop
Although Dogecoin has retraced 18% from its recent high on Saturday, on-chain data suggests that large investors, commonly referred to as whales, may still be bullish on the meme coin. While these whales took profits before the peak, their activity on the network remains high, indicating they might still be positioning for future moves.
Dogecoin has retraced -18% from its top back on Saturday. But on-chain activity indicates that whales may not be done with all the bullish momentum of crypto’s top meme coin. Though they took profit just before the top, their activity remains very high on DOGE’s network. pic.twitter.com/FsmWJGkSE6
— Santiment (@santimentfeed) October 2, 2024
Technical indicators are also showing potential bullish signals. Historically, when Dogecoin experienced a MACD (Moving Average Convergence Divergence) bullish crossover on the weekly chart, the coin saw price rallies of 90% and 180%, respectively. With another MACD bullish crossover potentially forming soon, traders and investors are keeping a close eye on the charts.
The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively.
A new MACD bullish crossover could be forming soon! pic.twitter.com/1YfefMe36i
— Ali (@ali_charts) October 2, 2024
In summary, despite the recent price correction, Dogecoin’s on-chain activity remains strong, with rising address counts and active whale participation. Combined with the possibility of another MACD bullish crossover, this could signal continued upside potential for Dogecoin in the near future.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: avirozen/123RF // Image Effects by Colorcinch