Dogecoin (DOGE) Network Activity Surges, Price Jumps 14%Dogecoin (DOGE) has seen a significant surge in network activity, driving its price up by 14%. At the time of writing, DOGE is trading at $0
Dogecoin (DOGE) Network Activity Surges, Price Jumps 14%
Dogecoin (DOGE) has seen a significant surge in network activity, driving its price up by 14%. At the time of writing, DOGE is trading at $0.095, up 14% in the last 24 hours. According to IntoTheBlock data, large transaction volume has spiked by 119% during this period, reaching a staggering 16.5 billion DOGE. Large transaction volume provides an estimate of the total amount of money that whales and institutional players are trading on a particular day. The surge in large transaction volume indicates increased buying or selling activity from institutional players.
Furthermore, the same on-chain source reports a significant increase in the total fees on the Dogecoin network. Fees rose from 20,340 DOGE to 28,470 DOGE, reflecting the growing demand for transactions on the network. Total fees generally indicate the level of activity. Usually, when fees rise, it indicates that a large number of users are willing to transact with the throughput of the blockchain. As demand grows, users are willing to pay higher fees to complete their transactions.
The number of active addresses has also increased, rising from 40,420 to 51,320 in the last 24 hours. The growth in active addresses suggests increasing engagement on the Dogecoin network, with more users participating in transactions and other activities.
Dogecoins price rose 14% on Tuesday, as cryptocurrencies recouped some of their losses from the previous day amid a broader market bounce. Crypto prices fell on Monday as a global market sell-off fueled by recession fears. These moves reflect the broader market sell-off that began last week as a weaker-than-expected July jobs report heightened investor concerns about a recession.
Dogecoin had fallen sharply, dropping to as low as $0.08, its lowest point since February this year. It then went on a 10-day decline after hitting a high of $0.1388 on July 27.
On the bright side, if Dogecoin decisively breaks above its 50-day and 200-day moving averages, it could break out of its current consolidation range that has been in place since mid-April. Meanwhile, consolidation seems more likely as Dogecoin bulls regain strength, setting the stage for the next major uptrend.
The recent surge in Dogecoin network activity and price suggests a renewed interest in the cryptocurrency from investors. The increase in institutional participation, along with the rise in network activity levels, could signal that Dogecoin is entering a new bull run. However, it is crucial to remember that the cryptocurrency market is volatile, and the price of Dogecoin can fluctuate. Investors should conduct thorough research and practice risk management before investing.
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