Dogecoin On-Chain Metrics Explode, Can DOGE Price Reach $0.2?
18 Dezembro 2023 - 3:00PM
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The Dogecoin price action has had quite a disinteresting year than
most would expect from the biggest meme coin. Despite currently
being up around 77% from its bear market lows of $0.053 in June
2022, the crypto has lagged compared to top cryptocurrencies like
Bitcoin, Ethereum, and Solana so far in 2023. On the bright
side, DOGE’s on-chain metrics have exploded recently, pointing to a
potential rebound on the horizon which could see Dogecoin spike to
new highs. Dogecoin Market Overview DOGE has grown exponentially
from its first days as the only meme coin in the crypto industry to
now being the 10th-largest crypto asset in terms of market cap.
According to Galaxy Digital, DOGE is worth almost two times as much
as Wyndham Hotels & Resorts and almost as much as Nissan with
its current market cap of $13 billion. However, Dogecoin had a
rough 2023, underperforming compared to the major
cryptocurrencies. Related Reading: VeChain (VET) Set To
Explode: Analyst Predicts 7,500% Rally To $2.3 At the time of
writing, Dogecoin is trading at $0.09109, 87% down from its
all-time high of $0.7315. DOGE is now 940 days into its current
bear market, 217 days less than the historical average. According
to a report from Galaxy, this extended bear run has only happened
twice in DOGE’s lifetime. In the last two cycles, the meme
coin went on 1,192 days and 1,117 days of depressive price action,
reaching more than 85% below previous all-time highs. Source:
Galaxy Digital Although DOGE is now trading 543 days above its 2022
low, it is still underperforming in comparison to the last two
cycles. In the first cycle, it took DOGE 977 days to climb to reach
its all-time high from the 2015 low. Similarly, it took only 423
days to jump from its 2020 lows to the current all-time high.
DOGE price succumbs to bear pressure | Source: DOGEUSD on
Tradingview.com What’s Next For DOGE? Things started to change in
the middle of October 2023, as the wider crypto market entered into
a bullish sentiment. The crypto has been on a run since then,
recently pushing its price over $0.1 for the first time this year
to register a yearly high of $0.1018. Related Reading:
Polygon (MATIC) Price Faces Crucial Turning Point That Could
Trigger 50% Rally, Analyst Says This growth can also be attributed
to Doginals (DRC-20 tokens), Dogecoin’s equivalent of BRC-20
tokens. These Doginals have grown massively since their launch in
May, with a cumulative market cap of $100 million. At the same
time, Dogecoin has seen a massive influx of new and active users,
something it lacked for the majority of the year. Over 282,000
non-zero balance addresses were added in the past 30 days, while
holders are bearing down. Dogecoin has now retraced from above the
$0.1 mark and is now trading at $0.09109. If these metrics continue
their upward trend into 2024, DOGE could see a price turnaround to
break above the $0.1 level and push to $0.2 for the first time
since 2021. According to data from IntoTheBlock, there are 235,150
addresses waiting to make a profit at around the $0.1 price level.
Source: IntoTheBlock Featured image from GoBankingRates, chart from
Tradingview.com
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