Dogecoin Sees Surge in Transaction Activity
With the bullish momentum in the cryptocurrency sector slowing down, Dogecoin (DOGE) has also been affected. However, the DOGE blockchain has experienced a significant increase in transaction activity over the past several weeks. According to data from the decentralized finance market intelligence platform IntoTheBlock, DOGE has been recording more than 1 million transactions per day since January 30.
The chart demonstrates that transaction volume in the DOGE ecosystem saw a notable uptick starting on January 28, reaching nearly 2 million daily transactions until mid-February. It then dropped below 1.5 million but recovered again towards February 19.
Dogecoin Price Analysis
At present, Dogecoin is priced at $0.086, reflecting a 0.27% decline in the last 24 hours. However, it has gained 4.06% over the previous seven days and 1.14% over the month.
An increase in transaction volume is often seen as a bullish sign for a crypto asset like Dogecoin, indicating greater network usage and adoption. This could potentially lead to increased investor interest and push its price above $0.15.
Additionally, DOGE is currently holding above key bull market indicators such as the 20-day exponential moving average (EMA), the 50-day EMA, the 200-day EMA, and the moving average convergence divergence (MACD) indicator. All of these indicators suggest a “buy” for DOGE.
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