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Dogecoin Large Transaction Volume Explodes 41%, Daily Addresses Spike 35%, Catalyst For Surge To $1?
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Dogecoin Large Transaction Volume Explodes 41%, Daily Addresses Spike 35%, Catalyst For Surge To $1?

Scott Matherson
Scott Matherson
4 months ago
3 mins read
Dogecoin

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Dogecoin (DOGE), the world’s first and largest meme coin, has seen a notable uptick in activity over the past few days. According to recent market data, Dogecoin’s large transaction volume has skyrocketed by over 41%, while daily active addresses have increased by more than 35%. These developments, which indicate a surge in interest among large-scale token holders, could act as a catalyst to push the Dogecoin price towards the coveted $1 mark. 

Increase In Dogecoin Transaction Volume And Daily Addresses

In the crypto market, large-scale transactions involving significant amounts of a specific cryptocurrency are often associated with entities known as ‘whales,’ who execute strategic moves that have the potential to influence market trends. Recently, IntoTheBlock revealed that Dogecoin has recorded a massive increase in its large transaction volume, skyrocketing by an impressive 41.12% to reach $23.35 billion. 

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This significant increase in Dogecoin’s large transaction volume suggests heightened engagement and activity among deep-pocketed players. Moreover, the sharp surge could indicate growing interest from institutional investors or whales who see potential in the meme coin’s future trajectory. 

Dogecoin 1
Source: IntoTheBlock

According to ITB’s data, there has also been a notable spike in Dogecoin’s daily active addresses, recording a 34.91% increase that points to broader adoption and an increase in the meme coin’s network activity. 

As a blockchain metric, daily active addresses measure the number of unique wallet addresses involved in transactions of a particular cryptocurrency within 24 hours. A surge in the daily active address of a cryptocurrency like Dogecoin often suggests that more users engage with the network, whether for investing, trading, or transactions. 

Despite this strong metric activity, Dogecoin’s price has fallen by more than 2.2% in the past 24 hours, dropping to $0.33. Nevertheless, ITB reports that Dogecoin remains “mostly bullish,” a sentiment that contrasts with ongoing market volatility and price fluctuations. Interestingly, this bullish optimism could signal that the surge in Dogecoin’s on-chain metrics, both large transaction volume and daily active addresses, could be a potential catalyst for a price rebound. 

Can This Propel DOGE To $1?

Although Dogecoin has faced regular backlash over its speculative nature, its ability to maintain relevance and growth in the crypto market cannot be overlooked. The increase in Dogecoin’s large transaction volume and daily active addresses could be an early indicator of a broader trend shift, potentially signaling the meme coin’s next upward rally.

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While IntoTheBlock has tagged these surges in Dogecoin’s on-chain metrics as “bullish,” breaking past $1 will likely require more external catalysts and a change in current market conditions. For Instance, crypto analyst Trader Tardigrade has predicted that Dogecoin could rise to the $1 benchmark very soon.

Dogecoin 2
Source: X

However, the meme coin’s recent pullback could act as a bullish springboard, as the analyst has stated that a retracement often precedes a massive price rally.  

Dogecoin price chart from Tradingview.com
DOGE price moves above $0.335 | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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