The high amount of transactions recorded on the DogeCoin network is believed to be triggered by the new rally in the cryptocurrency market. Earlier today, the whole crypto market took a new turn from the bearish trendline it has embarked on since April. Traders, buyers, and investors woke up to seeing cryptocurrencies experiencing a high upsurge, up to 15 – 20%.
High Number of Transactions on DogeCoin Network
As stated earlier, the total market cap for the cryptocurrency market has risen to over 1$ trillion in the past 24 hours. The creators of popular rising Altcoin, DogeCoin, were shocked by the massive upsurge of transactions on its chain. A total of 70k transactions were said to have been recorded on their metric in the past day.
Cryptocurrency market recovery is believed to be the catalyst behind the action and upsurge. Moreover, most Altcoins followed the lead of BTC and ETH, which soared up by 8% and 11%, respectively. Dogecoin seems to be part of the top beneficiary of the new cryptocurrency rally.
In the past 24 hours, its market price gained a total of 5% surge, and also a 15% increase in the past seven days. This action is regarded as a bullish signal for the coin after long days of drop in price and value. The market price performance of the currency may be higher in the coming days.
This spike will be catalyzed by the increasing level of transactions on its network. Investors and buyers predict the green light of making a good fortune from the coin if the crypto market rally continues.
Predictions of High Selling Pressure, Possible Downtrend
Speculations of a probable recovery run of the coin; whales will likely stake the volatile assets in preparation. The gain/spike made by the coin could be considered the highest during the past five months. Analysis shows a reversal may happen in the coin market, judging its movement over the past five months.
Experts also state the possibility of a potential high selling pressure of the coin. The recent surge in the amount of selling, buying, investing, and holding may cause people to sell off their coins as they may decide to start transferring their assets and properties from their wallets.
If this happens, the number of transactions may be high, while the coin’s market price may drop. Possibilities of a bearish trendline may set in if the trading volume is not sufficient to absorb the high selling pressures. The upsurge in the coin market price/trendline may end very soon.
Although there are predictions that the coming months will be good for the coin after a long period of drop in market price and a bearish trend, the coin hit its all-time high almost a year ago (May 2021).
Unfortunately, after the ATH was attained, the coin began a bearish journey to date. With the new upsurge in the cryptocurrency market, the meme coin is currently pegged at $0.0666.