Dogecoin (DOGE) has recently faced price volatility, failing to establish stability above $0.27. Despite a surge in trading volume, DOGE has only breached $0.265 briefly in the past week.
On-chain analyst Ali Martinez believes a change may be imminent for Dogecoin investors. Daily active addresses, transactions, and whale movements suggest bullish signals for DOGE. A surge in these metrics could ignite renewed interest and momentum, potentially triggering a price increase.
The number of unique wallet addresses interacting with DOGE provides insight into user engagement. A rise in this metric could positively impact the price. Santiment data shows a correlation between DOGE's price and active addresses. When the price was $0.4284 in November 2024, daily transacting addresses reached 1.49 million. Currently, these addresses have declined to 73,334, mirroring the price drop. However, stability has been observed on-chain in recent times.
Transaction volume indicates growing demand and usage. Whale activity can signal buying or selling pressure to investors. Dogecoin whales have recently been inactive, with transactions dropping significantly compared to November 2024. A re-entry by whales could drive positive price movement for DOGE.
Should the whales return and Open Interest continue to rise, a shift in price for DOGE is possible.
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