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Dogecoin (DOGE) Makes Interesting On-Chain Maneuvers

Mon, 4/12/2023 - 11:49
Dogecoin (DOGE) Makes Interesting On-Chain Maneuvers
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With the broader digital currency ecosystem on a bullish rampage, Dogecoin (DOGE) is not ready to be left behind. The premier meme coin has soared by more than 8% overnight and is currently changing hands at a price of $0.08978.

On-chain maneuvers for price of $1?

Dogecoin's price has fully recouped all of its losses for the past month, as it is now trading with 29.66% growth within that time. These impressive moves have signaled the readiness of the altcoin to clear one zero to retest the $0.1 level, and by so doing, reposition itself for yet another ambitious price rally moving forward.

The on-chain maneuvers aiding the growth of Dogecoin in this regard also stem from the growing embrace and sentiment from the coin's traders. Data from CoinMarketCap shows a total of $920,884,321 DOGE have been traded on exchanges in the past 24 hours, up by 75%.

With the structure of Dogecoin in which whale holders maintain a strong foothold in the project, any attempt to retest $1 cannot be done without a full push from larger HODLers. Data from IntoTheBlock shows that whale transaction volume over the past week is now at $1.02 billion, up 23.93 billion for the week.

Another crucial on-chain metric to note is the parabolic growth of over 35% in DOGE's Daily Active Addresses (DAA). At this time, active addresses have surpassed 82,000, reinforcing the assumption that Dogecoin is a token actively held by many.

Market sentiment factor

Dogecoin's growth, besides its own inherent ecosystem trends, also stems from broader market sentiment. With Bitcoin continually leading the market rally, coins with deep correlation with the asset, including DOGE, are bound to see more green days ahead.

Dogecoin's market capitalization is pegged at $12,752,789,154, with a positive boost likely should BTC gain more bullish traction.


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