Dogecoin (DOGE), the original meme coin, is back in the spotlight with serious action on its network. Over the past few days, Dogecoin’s network has seen a surge in active addresses and large transactions, leading to a potential price rally. While things look nice, there’s more to the story before we start calling for a new all-time high (ATH).
Network Activity Surge: Dogecoin is Buzzing
Dogecoin’s recent stats have given the crypto community something to bark about. The number of active addresses on the DOGE network soared to 133,880, marking the highest level in over eight months. This spike in activity is a big deal—it suggests that more users are putting their attention on the DOGE, increasing engagement. And when activity like this ramps up, it often hints at some bullish potential.
At the time of writing, Dogecoin is trading at around $0.115, which isn’t much, but it’s important to note that this is a 39% rise from the lows seen after the August crash. So, while DOGE looks like is just cruising along, there’s some underlying momentum that can’t be ignored. Trading volume has also surged by 53% in the past 24 hours, hitting $780 million.
But Will DOGE Hit a New All-Time High Soon?
Will DOGE break past its ATH of $0.737? While we’d all love to see it happen tomorrow, the reality is that some conditions need to be in place for Dogecoin to fully take off.
First, the broader crypto market needs to stay on an upward trajectory, led by Bitcoin and other major players. DOGE typically rides the wave of a bullish market, so if Bitcoin rallies, there’s a good chance Dogecoin will follow. Secondly, do not forget the Dogefather himself, Elon Musk. Every time Musk tweets about Dogecoin, the internet goes wild, and DOGE usually sees a price bump. So, his continued support is a big factor that could increase prices further.
If you’re wondering when DOGE could start its next major rally, we need to take a look back at past Bitcoin halving events. History shows that Dogecoin tends to follow Bitcoin’s lead after a halving. In 2016, DOGE started its bull run 238 days after the Bitcoin halving, and in 2020, it took 189 days.
The next potential Dogecoin surge could be around the corner. Based on averages from past cycles, we’re about 39 days away from DOGE entering its bullish phase. Mark your calendars—November 22, 2024, might be the day Dogecoin decides to howl at the moon.
Can Dogecoin Reach $3?
For those aiming for the moon (or beyond), Dogecoin hitting $3 isn’t completely out of the question. The combination of whale activity, a favorable market, and good ol’ social media buzz could push DOGE toward new heights. And if the cryptocurrency market turns bullish post-halving, we could see Dogecoin shoot past $2 and probably even flirt with $3.
But remember, DOGE is a meme coin at heart—its price is as unpredictable as the internet’s next viral trend. While the recent surge in network activity is exciting, we’ll need sustained momentum and ideal market conditions to get things rolling.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
