Dogecoin (DOGE) Network Activity on FIRE,鲸鱼积极交易

Dogecoin [DOGE] has achieved a remarkable milestone in the recent past related to its network usage. This milestone clearly reflected a rise in adoption.

output: A crypto analyst, Ali, recently posted an observation on Twitter regarding Dogecoin (DOGE) network activity. According to the tweet, the number of addresses surged to 133,880, marking the highest level in eight months.

This development was also highlighted in AMBCrypto’s analysis of Santiment’s data, which showed an increase in DOGE’s velocity, indicating more frequent usage in transactions.

Furthermore, the memecoin’s transaction count also rose last month.

Collectively, these metrics pointed towards a rise in DOGE usage.

At press time, DOGE was trading at $0.1115, with both the weekly and daily charts in the green, as per CoinMarketCap.

According to AMBCrypto’s earlier report, the world’s largest memecoin was in a consolidation phase.

Our analysis also revealed that whales were actively trading the memecoin, evident from the stable number of whale transaction counts over the last week.

Moreover, Dogecoin’s MVRV ratio also saw an uptick. At press time, the metric was valued at 1.2%. While the figure was still low, the increase hinted at a shift in the market trend.

However, DOGE’s Weighted Sentiment saw a decline over the last few days, indicating an increase in bearish sentiment around the asset.

Meanwhile, the memecoin's Fear and Greed Index was in the “greed” phase at the time of writing.

Usually, when the index reaches this level, it points towards an upcoming price decrease.

According to our analysis, DOGE was testing a crucial resistance at press time. If the bulls succeed in pushing through, we could see Dogecoin heading once again towards the $0.13-mark.

However, if the bears gain control of the market, then the memecoin might see a correction that could see it plummeting to the $0.10-mark. Dropping any lower than that could lead to Dogecoin trading at $0.094 in the coming weeks.