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The meme token network is unaffected by the current consolidations and bears in the cryptocurrency market. Earlier, Ali Martinez, a data analyst, revealed that the number of transactions and activities increased on the DOGE network.
He stated that in the past two months, there was a 260% increase in addresses on the blockchain. This transaction and address upsurge on the meme token is a massive achievement following the marketplace situation. DOGE may be set to recover and reclaim its space in the cryptocurrency markets, despite all odds.
Increasing On-Chain Activity on Dogecoin (DOGE)
Ali Martinez released his research on the Dogecoin blockchain over the past two months. According to the analytics, the blockchain on-chain activity was analyzed to get detailed information about the network growth.
The research is also based on how the blockchain has been behaving, the pattern of movement, and the cryptocurrency users’ value. In just two months, there was over a 260% increase in the number of addresses and activities on the Dogecoin blockchain.
The addresses surged from around fourteen thousand to almost thirty-nine thousand. Despite the increasing activity on the Dogecoin network, the token market price dropped severely.
The meme token dropped from $0.082 to $0.0068, over 15% decline. This upsurge in the token network is regarded as a bull run signal, which has increased the token exposure in the market.
However, as there are indications of bull, there are predictions that the increasing whale activity and transactions on the network may be short-termed. Investors and users may later decide to sell out, causing an increase in selling pressure. If this happens, a downtrend is likely.
Dogecoin: The Next Big Coin in The Market
The cryptocurrency space has been in an extreme situation of fear and doubt since June. For the past few months, the market situation has caused cryptocurrencies price to fall, with many crypto firms in debt and tokens being blown away.
Dogecoin token may become the next significant token in the cryptocurrency markets. According to a cryptocurrency platform, CoinGecko, in terms of market cap, DOGE is ranked in the 11th position. Dogecoin has a $9.24 billion capitalization in the markets.
During the bull rally in the markets in late 2021, DOGE soared to around $0.73, which shot it up among the top 20 cryptocurrencies in the world. Even Elon Musk showed interest in the token and accepted it as a means of payment for his car company, Tesla.
Dogecoin is showing great potential for rising in the near future. It was recently added as support by Coinbase alongside Shiba Inu. This move will increase the chance of the tokens being used as a form of exchange and investment.
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