Dogecoin Transactions Surge: New High in Large-Value Transactions

Recent data shows a surge in Dogecoin transactions valued at $1 million or more, marking a 600% increase in the past month. This spike, the highest since Dogecoin's ATH in May 2021, raises questions about its bullish potential. While large transactions fueled Dogecoin's previous highs, the current market landscape, filled with memecoins, may hinder its performance solely through transactions.

Has Dogecoin Hit a New High in Large Transactions?

Recent on-chain data has revealed a significant surge in Dogecoin (DOGE) transactions valued at $1 million or more, with a staggering 600% increase over the past 30 days. This surge marks the highest number of million-dollar transactions since DOGE reached its all-time high (ATH) of $0.73 in May 2021.

Is This a Bullish Signal for DOGE?

While large transactions were a key driver behind DOGE's ATH in 2021, the current market environment is markedly different. The proliferation of memecoins has divided market attention, making it less likely that DOGE can repeat its past performance solely through large transactions.

Can DOGE Surpass Its ATH?

Despite the different market conditions, the increase in large transactions could still be a positive signal for DOGE. Price predictions from AMBCrypto have suggested that DOGE could potentially reach $1 this cycle, but this would require more than just a whisper campaign.

Coinbase Listing: A Boost for DOGE?

The recent listing of DOGE on Coinbase's futures market could provide a boost to its price. Coinbase has stringent listing requirements, suggesting that it sees value in DOGE.

Active Addresses: A Measure of Utility

A comparison of Dogecoin's active addresses in 2021 to the present reveals a significant decline. In May 2021, DOGE had around 242,000 active addresses, indicating a high level of utility on the blockchain. However, as of press time, active addresses have dropped to 58,400.

Weighted Sentiment: Bullish on DOGE

Despite the decline in active addresses, Dogecoin's Weighted Sentiment has recently moved out of the negative region and risen to 0.457. This suggests that market participants are bullish on the short-term price action of DOGE.

Circulation Drop: A Sign of Less Sell-Offs?

On-chain data shows a decline in DOGE's one-day circulation, which indicates a decrease in usage. This could potentially reduce the likelihood of widespread sell-offs, allowing DOGE's price to rise further.

A Return to $0.19?

In a highly bullish scenario, DOGE's price could potentially revisit its previous high of $0.19. However, it remains to be seen whether the current market conditions will allow DOGE to sustain such a rally.