• Dogecoin witnessed a spike in on-chain activity in the past few months despite the crypto bear market. 
  • The number of daily active Dogecoin addresses has climbed 265% from 14,470 to 38,430 since May 2022. 
  • Analysts have predicted a massive explosion in DOGE as it witnesses Dogecoin price compression. 

Dogecoin price prepares for a massive rally as on-chain activity increases. The number of daily active addresses on the meme coin witnessed a surge, 265% increase in May 2022. 

Also read: Dogecoin: A tool of speculation or starter drug for crypto

Dogecoin active addresses climb within two months

The number of active addresses on the Dogecoin network is considered indicative of interest in DOGE in the crypto community. It is a key metric to determine DOGE’s relevance in the crypto ecosystem. Based on data from IntoTheBlock, active addresses have climbed 265% since May 2022. 

Daily Active DOGE addresses

Daily Active DOGE addresses 

In the past week, the number of active addresses climbed nearly 25%. Analysts evaluated the Dogecoin trend and noted that transaction history shows that DOGE has built an important support at $0.068. This is a key level for Dogecoin as nearly 78,250 addresses purchased 44 billion DOGE. 

Therefore $0.068 is a key psychological level for Dogecoin. Analysts argue that sustaining above this level ensures that DOGE rises to $0.080 soon. There is little to no resistance ahead for Dogecoin price on its path to $0.080. 

In/Out of the Money

$0.068 is a key psychological level for DOGE

Analysts predict massive explosion in Dogecoin price

@dkcrypto13, a leading crypto analyst believes Dogecoin price is likely to decline, and there is a long way to go down. 

Analysts at FXStreet have a contrasting view. FXStreet analysts have evaluated the Dogecoin price and predicted that a compression could lead to a massive explosion. Indicators in the DOGE price chart signal a rally and the asset has revealed bullish potential. 

Analysts have identified key price levels and indicators that predict a DOGE rally. For more information, check the video below:

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?

Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious. 

More Bitcoin news

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.

More Shiba Inu News

Staking is coming to Chainlink this December as LINK price stands firm

Staking is coming to Chainlink this December as LINK price stands firm

LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.

More Chainlink News

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic bulls take charge, a retest of $30 on the cards

Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies. 

More Ethereum Classic news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP