Dogecoin DOGE/USD is showing signs of activity with positive on-chain indicators and a bullish chart pattern, reflecting the meme coin’s potential for upside in the future.
What happened: Crypto analyst Ali Martinez tweeted a “buy” signal for Dogecoin.
Another trader compared DOGE’s current performance to the previous cycle and said it started with four consecutive green weeks, followed by two red weeks. He said the bull market started 175 days after the halving, but now appears to have started 140 days after the halving. He predicts it’s unlikely we’ll see more red in the future.
DOGE rose 1.1% to $0.113 in the past 24 hours.
Also read: What’s happening with Shiba Inu Dogecoin today?
Why it matters: Large transaction volume is down 55.9% and daily active addresses are up 4.3%, according to IntoTheBlock data. The concentration rate of large holders in Shiba Inu remains at 73%, suggesting that there is a strong interest in Meme Coin as a long-term investment.
Cryptocurrency news provider Altcoin Buzz highlighted Dogecoin’s short-term trading and memecoin’s surge in active addresses. It added that these bullish signs led to historically large gains.
The bottom line is, “Will we see DOGE take off soon?”
What’s next: The impact of meme coins will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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