Ethereum

Dogecoin

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Dogecoin (DOGE) has witnessed remarkable positive market sentiments in the past few days, including a&nbsp;14% price rebound following a surge in network activities. These have, in no small way, boosted investors’ confidence in the meme coin, as&nbsp;<a href="https://app.intotheblock.com/coin/DOGE/deep-dive?group=financials&amp;chart=largeTransactions" rel="noopener noreferrer nofollow">data</a> from IntoTheBlock shows.</p>
<h2 id="doge-s-large-transaction-volume-signals-institutional-interest">DOGE's large transaction volume signals institutional interest</h2>
<p dir="ltr">Notably, DOGE’s large transaction volume spiked by a massive 36.31% or $1.02 billion following the price rebound witnessed earlier as investors' sentiment improved significantly. This signals that institutional players and large holders were actively busy in the market, either buying to consolidate their assets or selling to readjust their portfolios.</p>
<p dir="ltr">Dogecoin's percentage performance surpassed other entities, such as Lido Staked Ether and Cardano, with transaction volumes of 19.47% and 5.82%, respectively. These were the only assets that recorded positive transaction volumes. Others, like Ethereum and Toncoin, were negative, with low volumes transacted.</p>
<p dir="ltr">Furthermore, as indicated by the same on-chain source, the daily active addresses increased slightly by 1.52%. That is, 47,360 active addresses were featured in the last 24 hours. The growth in active addresses on the network indicates that more users were engaged in transactions and other activities.</p>
<h2 id="can-dogecoin-hit-1">Can Dogecoin hit $1?</h2>
<p dir="ltr">These positive indices have rubbed off on the price of Dogecoin, which is up 3.45% in the last 24 hours to $0.1045, according to <a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">CoinMarketCap&nbsp;data</a>.</p>
<p dir="ltr">Despite all of these positive sentiments, for Dogecoin to hit the $1 level, an <a href="https://u.today/dogecoin-to-1-on-chain-data-reveals-missing-catalysts" rel="noopener noreferrer nofollow">earlier U.Today report</a> revealed that the network needs major catalysts to ensure further growth. Specifically, new participants need to embrace the network, and more than 1.52% are registered.</p>
<p dir="ltr">Furthermore, analysts maintain that consistency in these metrics over time would help propel the meme coin toward $1 levels, which have remained elusive for a long time.</p>

Dogecoin (DOGE) Blowing Charts in Multiple Metrics

Table of Contents

U_Today

Other articles published on Aug 9, 2024

Empowering Indigenous Sovereignty:Birri Gubba Nation Adopts MetaMUI CBDC Cloud Service

Michael Saylor Explains How Bitcoin is a Solution for All, Investors, Individuals, Corporations, ...

While Bitcoin Forms Death Cross and Shiba Inu’s Comeback Stalls, CYBRO Soars Non-Stop

Critical Ethereum Price Zone Identified Amid Death Cross: Details

Modelfi: Harnessing AI and web3 for accelerated growth of AI projects

‘Developers like artisans…’

Join our free newsletter for daily crypto updates!