Dogecoin’s Transaction Surge Surpasses Bitcoin and Ethereum With 2 Million Transactions Settled in 24 Hours

The Dogecoin blockchain has witnessed a significant surge in transaction activity ever since the inception of DRC20 tokens. When compared to other prominent networks, Dogecoin has stood out with its substantial volume of processed transactions. Recent statistics reveal an unprecedented milestone reached on May 27, 2023, as the number of DOGE transactions soared to a [...]

The post Dogecoin’s Transaction Surge Surpasses Bitcoin and Ethereum With 2 Million Transactions Settled in 24 Hours appeared first on Crypto Breaking News.

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Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price?

  DOGE The Dogecoin network is on a roll after a particularly disappointing performance leading up to the end of January. Usage on the network is beginning to pick up once more after the price made its way above $0.08. New adoption saw the highest spikes, as almost 1 million new DOGE wallets were created in a 7-day period. 890,000 New Dogecoin Wallets In One Week According to data from the on-chain analytics platform, IntoTheBlock, the number of new addresses created on the Dogecoin network spiked significantly in the last seven days of January. The total number of new addresses created during this one-week period came out to a total of 890,000. However, the most interesting part is the spike that took place between January 28 and 29. Related Reading: Bitcoin Fear & Greed Index Reaches Lowest Level In Three Months, Is The Bleed Over? In the screenshot shared by IntoTheBlock on X (formerly Twitter), we can see that the majority of new wallets creation happened in a single day. The daily wallet creation went from an average of 60,000 leading up to January 28, and by January 29, around 240,000 new wallets were created in a single day. The next day would see a slight decline from these 2024 highs. But by January 31, the numbers picked up once more. During this time, another 200,000 DOGE wallets were created in a single day, accounting for one of the largest spikes in new wallets on the network. IntoTheBlock offered a possible explanation for the spike in new wallets which could be related to an increased interest in Doginals. Doom, a highly anticipated project, was launched on the Dogecoin blockchain, contributing to the spike. The on-chain tracker also added that “the rumors of Xpayments could be driving new users to Dogecoin. DOGE bulls fail to hold $0.08 support | Source: DOGEUSDT on Tradingview.com Machine Learning Algorithm Not Convinced On DOGE Price Despite the increased interest in the Dogecoin network over the last week, the outlook for its native DOGE coin is still not favorable, according to the machine learning algorithm at CoinCodex. The algorithm has presented the likely movements of the DOGE price over the next few days to the next month, and they are far from bullish. Related Reading: Valkyrie Exec Expects SEC To Approve XRP ETF, Can This Push Price To $100? For the nearest term, the CoinCodex machine learning algorithm expects that there will be a small increase in price over the next five days, with an expected 1.54% rise. However, looking out in the long term, the algorithm expects a change in this positive momentum. Over the next month, the AI expects that there will be an around 11.13% drop in price from the current levels. This would put the DOGE price at $0.071, pointing to the current sentiment toward the meme coin being rather bearish for now. Nevertheless, Dogecoin is still holding on to its small gains of 0.7% over the last day, while maintaining its position as the 10th-largest cryptocurrency in the space with a market cap of $11.37 billion. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet Featured image from Inside Telecom, chart from TradingView.com

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Active Dogecoin Addresses Reach Highest Level In 8 Months Is DOGE About To Rally?

Dogecoin is currently in a consolidation phase following days of sharp volatility and wild price swings. Since the start of October, the meme coin has been trading within a tight sideways range, leaving some investors concerned about whether the anticipated rally for DOGE will ever materialize. The uncertainty in the market has heightened fears that Dogecoin’s price might stagnate further, as bullish momentum seems to have cooled off. Related Reading: Solana Prepares For A 20% Rally Can SOL Reclaim $176? However, new data from Santiment offers a glimmer of hope for DOGE enthusiasts. The platform’s key metrics show that active addresses on the Dogecoin network have surged to their highest level in eight months. Analysts often consider this spike in network activity as a positive sign, as increased participation and interest can drive price action upward.  As traders keep an eye on these developments, this uptick in active addresses could serve as the catalyst needed for the next significant Dogecoin rally. The question remains: will this trend be enough to reignite the bullish sentiment around DOGE, or will it remain stuck in its current range? Dogecoin Network Activity Rising Dogecoin is at the center of intense speculation as investors and analysts debate its future price action. After enduring weeks of volatility and sharp price swings, the meme coin has mirrored the unpredictable nature of the broader crypto market.  Currently consolidating above the key $0.10 level, Dogecoin traders are closely watching for signals that could trigger a rally. Investors are eager for a clear bullish confirmation, but so far, the market remains in a state of uncertainty. Critical on-chain data offers some hope for Dogecoin enthusiasts despite the lack of immediate upward momentum. According to Santiment data, shared by crypto analyst Ali on X, active Dogecoin addresses recently surged to 133,880, marking the highest level in eight months.  This spike in network activity is often interpreted as a positive sign, suggesting that more traders are engaging with the asset, potentially indicating rising demand. Related Reading: Dogecoin Could Break Yearly Highs Any Moment Now Crypto Analyst Higher active addresses generally signal increased transaction participation, which can create upward pressure on prices if sustained. As this trend unfolds, many investors are hopeful that this increased network activity could serve as a catalyst for the next significant DOGE rally. Whether this surge in activity will translate into higher prices or whether DOGE will continue its sideways consolidation remains to be seen. DOGE Price Action: Key Levels To Watch Dogecoin is currently trading at $0.111 after spending the last 12 days in a narrow range between $0.101 and $0.115. This period of consolidation has kept traders on edge, as the price remains just 5% below the daily 200 exponential moving average (EMA), which sits at $0.116. For bulls to initiate a rally and break out of this sideways trend, the price must first surpass this critical resistance level. However, if DOGE fails to maintain momentum and cannot push above the 1D 200 EMA in the coming weeks, a deeper correction could be on the horizon. In such a scenario, traders should watch for potential support at lower demand levels. The next key support level is around $0.098, with a worst-case scenario declining to $0.088. Related Reading: XRP Will Jump 75% If It Holds Current Demand Level Details The coming days will be crucial for determining whether Dogecoin can break out of its current range or face further downside. Investors are closely monitoring the price action and network activity for signs of a potential rally or a continued slide to lower support levels. Featured image from Dall-E, chart from TradingView

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