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Dogecoin (DOGE) has witnessed remarkable positive market sentiments in the past few days, including a 14% price rebound following a surge in network activities. These have, in no small way, boosted investors’ confidence in the meme coin, as data from IntoTheBlock shows.
DOGE's large transaction volume signals institutional interest
Notably, DOGE’s large transaction volume spiked by a massive 36.31% or $1.02 billion following the price rebound witnessed earlier as investors' sentiment improved significantly. This signals that institutional players and large holders were actively busy in the market, either buying to consolidate their assets or selling to readjust their portfolios.
Tomiwabold OlajideDogecoin's percentage performance surpassed other entities, such as Lido Staked Ether and Cardano, with transaction volumes of 19.47% and 5.82%, respectively. These were the only assets that recorded positive transaction volumes. Others, like Ethereum and Toncoin, were negative, with low volumes transacted.
Furthermore, as indicated by the same on-chain source, the daily active addresses increased slightly by 1.52%. That is, 47,360 active addresses were featured in the last 24 hours. The growth in active addresses on the network indicates that more users were engaged in transactions and other activities.
Can Dogecoin hit $1?
These positive indices have rubbed off on the price of Dogecoin, which is up 3.45% in the last 24 hours to $0.1045, according to CoinMarketCap data.
Despite all of these positive sentiments, for Dogecoin to hit the $1 level, an earlier U.Today report revealed that the network needs major catalysts to ensure further growth. Specifically, new participants need to embrace the network, and more than 1.52% are registered.
Yuri MolchanFurthermore, analysts maintain that consistency in these metrics over time would help propel the meme coin toward $1 levels, which have remained elusive for a long time.
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