- Dogecoin’s large transaction volume spiked by 41.12%, signaling strategic activity from major holders.
- A 34.91% rise in daily active addresses highlights growing adoption and user interest.
- On-chain metrics and analyst predictions suggest DOGE could rally, but external catalysts may be needed.
Dogecoin (DOGE), the original meme coin that started it all, has seen a significant uptick in activity recently. Market data shows a surge in large transaction volume and daily active addresses, signaling growing interest from whales and institutional players. Could this renewed activity set the stage for DOGE to hit the long-awaited $1 milestone? Let’s take a closer look.
Whale Activity Spurs a Spike in Transaction Volume
In the world of crypto, large transactions—typically executed by whales—can often signal shifts in market sentiment. According to data from IntoTheBlock (ITB), Dogecoin’s large transaction volume has jumped by a staggering 41.12%, reaching $23.35 billion.
This surge suggests heightened engagement among major holders, hinting at strategic accumulation or investment moves. With whales often driving market trends, this spike could be a precursor to broader interest in DOGE from institutional investors or even retail traders looking for the next big move.
Daily Active Addresses See a Significant Increase
Alongside whale activity, Dogecoin has also experienced a sharp 34.91% increase in daily active addresses, another key on-chain metric. Daily active addresses measure the number of unique wallets participating in transactions over 24 hours—whether buying, selling, or transferring DOGE.
This uptick in activity points to growing adoption and user engagement with the network. It’s a sign that more people are actively interacting with DOGE, whether they’re long-term believers or short-term traders capitalizing on the meme coin’s volatility.
Despite these promising metrics, DOGE’s price has dropped 2.2% over the past 24 hours, settling at $0.33. However, ITB maintains a “mostly bullish” sentiment for Dogecoin, suggesting that the metrics could act as a launchpad for a potential price rebound.
Is the $1 Milestone Achievable for DOGE?
Dogecoin has often faced criticism for its speculative nature, but its consistent ability to remain relevant in the crypto market is hard to ignore. The recent surges in large transaction volume and daily active addresses could hint at an impending rally, with some analysts speculating that DOGE is gearing up for a breakout.
Crypto analyst Trader Tardigrade predicts that Dogecoin could hit the $1 mark soon, particularly if external catalysts come into play. According to the analyst, DOGE’s recent price pullback might be the springboard it needs for a major rally. Historically, retracements like this have often preceded explosive upward moves.
While DOGE still faces market volatility and resistance, these promising on-chain developments suggest that the meme coin might have more to offer than its critics believe. With whales stirring and user engagement climbing, Dogecoin’s story isn’t over. Could $1 be the next chapter? Only time will tell.
