Dogecoin (DOGE) Network Activity Soars as Price Rebounds 14%

Dogecoin (DOGE) Network Activity Soars, Driving 14% Price Surge

Network Activity

Cover image via U.Today

Dogecoin (DOGE) has witnessed a significant surge in network activity, coinciding with a 14% increase in price. Data from IntoTheBlock reveals a 119% spike in large transaction volumes, reaching a staggering 16.5 billion DOGE. This surge indicates heightened activity among institutional players.

Additionally, total fees on the Dogecoin network have risen noticeably, from 20,340 DOGE to 28,470 DOGE, reflecting increased demand for network transactions. Growing fees often signal heightened activity levels and willingness of users to pay higher fees to complete transactions amidst escalating demand.

The number of active addresses has also witnessed a boost, jumping from 40,420 to 51,320 within the past 24 hours. This growth suggests increased participation and engagement in transactions and other network activities.

Price Action

On Tuesday, cryptocurrencies staged a recovery from previous losses, with DOGE surging 14% to $0.095. This surge reversed a 10-day losing streak that commenced following a high of $0.1388 on July 27.

Outlook

A decisive break above the daily moving averages of 50 and 200 could propel DOGE beyond its current consolidation range, sustained since mid-April. However, consolidation appears probable as DOGE bulls gather strength for a potential major advance.