While the overall market is down, Dogecoin network activity is booming, with DOGE seeing a 72% increase in new addresses in the first week of October. This diagram clearly shows which tokens have seen a noticeable increase in interest and participation.
This development has certainly increased the optimism of digital asset holders. Although currently only network activity, historical indicators look very positive for the token in the first week of October. But the biggest question now is how much network activity can propel DOGE through this month.
Source – Bitcoinist
Also read: Top 3 recommended altcoins for October: You can expect explosive profits!
Is the DOGE rally just around the corner? Growth in Dogecoin network activity suggests a surge is imminent
Dogecoin has firmly established itself at the top of the cryptocurrency market. The asset has found a huge community that has helped it grow to become one of the most prominent cryptocurrencies on the market. By October, that was definitely working in his favor.
Amid the current market downturn, Dogecoin has gained over 5.9% in the past 30 days, according to CoinMarketCap. However, it has fallen more than 11% over the past seven days and is currently trading below $0.11. However, some recent network data may suggest a turnaround.
At the beginning of the month, cryptocurrency analyst Ali Martinez highlighted that Dogecoin is set to benefit in October with a 72% surge in new addresses. In one day alone, more than 19,630 addresses were created on the network. Taken together, this indicates a surge in meme coin activity.
Source – Bank Rate
Also read: Dogecoin soars as Bitcoin hits $150,000 – Don’t miss it!
This could lead to a rise in prices. Just one day later, Martinez pointed out that Dogecoin is approaching a MACD bullish crossover. Additionally, DOGE’s previous MACD crossovers saw increases of 90% and 180%, respectively.
A similar development could effectively double the price of Dogecoin. It was trading at $0.10 on Thursday, but is likely to reach levels above $0.206 in the coming weeks. This asset could be set up to reap the fruits of a perfect storm.
Increased network activity and a historically strong performance in October should bode well for the asset. However, depending on market psychology, the limit may be exceeded. If Bitcoin turns around and potentially rebounds, Dogecoin could be one of the most affected assets.
