In an exciting turn of events, Dogecoin (DOGE), the popular meme-based cryptocurrency, is once again attracting attention in the market as February approaches. Meme coins, including DOGE, are gearing up for a potential comeback amidst a renewed sense of recovery in the crypto market.
The surge in network expansion, if sustained, has the potential to positively impact the price of DOGE, according to market experts. Over the past week, the number of new addresses in the Dogecoin network has skyrocketed by over 1,000%, showcasing the increasing interest and participation in the cryptocurrency.
This surge reached an all-time high on January 29, with an unprecedented 247,200 new DOGE addresses created in a single day.
According to the most recent data available, Dogecoin is presently being traded at $0.07, accompanied by a 24-hour trading volume amounting to around $1 billion and a market capitalization of $11.50 billion.
Source: Coingecko
Dogecoin Upward Trajectory Signals Positive Trend
Although Dogecoin witnessed a marginal 1.7% decrease in value within the last 24 hours, it has gained 1.4% increase over the course of the past week. This upward trajectory suggests a positive trend that is likely to be well-received by both investors and enthusiasts in the cryptocurrency community.
The projected minimum and maximum prices are expected to hover around $0.0816 and $0.0838, respectively. These figures provide investors with a glimpse into the potential price range for DOGE in the coming months.
Dogecoin currently trading at $0.07979 on the daily chart: TradingView.com
A recent post by crypto analyst Ali Martinez on X has shed light on a remarkable surge in growth within the Dogecoin network, indicating signs of a swift reversal in its price trend.
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
— Ali (@ali_charts) January 30, 2024
Source: @ali_charts/IntoTheBlock
And in a related development, prominent cryptocurrency exchange Changelly has released its most recent Dogecoin price forecast, predicting a marginal 0.05% increase that could propel the value to $0.08 by January 31, 2024.
Doge’s Momentum: Bullish Signals Amid Skepticism
However, it is important to note that the prevailing market sentiment, as indicated by Changelly’s analysis of technical indicators, leans towards bearish, with a Bearish Bearish score of 55%. The Fear & Greed Index stands at 55, indicating a slight inclination towards greed among market participants.
With the surge in new addresses and the positive outlook from analysts, the cryptocurrency community is eagerly monitoring Dogecoin’s movements.
Enthusiasts and investors alike are eagerly awaiting to see whether the meme coin will “pop” and break through in the coming weeks. The recent surge in network growth and the optimistic market sentiment surrounding Dogecoin indicate that it may continue to be a focal point of interest in the cryptocurrency market.
In the meantime, the question lingers: Can February be Doge’s month? With bullish indicators suggesting a potential price explosion, excitement is palpable. As Dogecoin gains momentum with its growing network and positive sentiment, the coming weeks will be pivotal.
Featured image from Shutterstock, chart from TradingView