The Current State of Dogecoin On-Chain Metrics and Price Action: What You Need to Know
Itโs time to dive into the latest updates on Dogecoinโs on-chain metrics and price action. Hereโs a breakdown of whatโs been happening with everyoneโs favorite meme coin:
The Significant Surge in Dogecoin On-Chain Metrics
Recent days have seen a notable increase in several key Dogecoin on-chain metrics. Three metrics, in particular, have stood out:
- Transaction count
- Number of whale transactions
- Age consumed of DOGE tokens
Transaction Count and Whale Transactions
As the price of Dogecoin started to recover, the transaction count and whale transactions saw a significant shift. Data from the on-chain tracking platform Santiment indicates a substantial increase in active transactions โ from 1.22 billion to 9.2 billion in just two days. This surge seems to align with the uptick in Dogecoinโs price, as shown in the DOGE chart.
Whale Transactions
Large transactions, also known as whale transactions, have surged during this period. Transactions involving DOGE tokens worth $100,000 or more jumped from approximately 1,500 daily transactions at the beginning of March to over 4,000 daily transactions by the monthโs end.
Age Consumed
The โAge Consumedโ metric โ reflecting the time DOGE tokens are being held by investors โ has also seen an increase. Dogecoin investors are opting to hold onto their coins rather than selling them, suggesting a bullish sentiment in the market.
The Battle Between DOGE Bulls and Bears
Despite Dogecoinโs recent strength, it continues to face resistance from bears aiming to push down its price. The key resistance level currently stands at $0.2, where bears are putting up a fight.
While Dogecoin has not revisited this level since early March, it remains above its 50-day moving average โ indicating a short-term buying trend for DOGE.
Increased Trading Volume and Potential Price Predictions
In addition to its on-chain metrics, Dogecoin has also witnessed a 13% surge in daily trading volume, signaling heightened interest in the coin. With these metrics on the rise, there could be a growing demand for DOGE, potentially triggering a rally above the $0.2 mark.
As of the latest update, Dogecoin is holding steady above $0.18, boasting a 36% gain on the 7-day chart.
Hot Take: What Lies Ahead for Dogecoin?
As Dogecoinโs on-chain metrics heat up and its price action remains intriguing, all eyes are on the future of this beloved meme coin. Will DOGE continue its rally and surpass the $0.2 resistance level? Stay tuned for more updates on Dogecoinโs exciting journey.
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