Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price?
02 Fevereiro 2024 - 8:00PM
NEWSBTC
DOGE The Dogecoin network is on a roll after a particularly
disappointing performance leading up to the end of January. Usage
on the network is beginning to pick up once more after the price
made its way above $0.08. New adoption saw the highest spikes, as
almost 1 million new DOGE wallets were created in a 7-day period.
890,000 New Dogecoin Wallets In One Week According to data from the
on-chain analytics platform, IntoTheBlock, the number of new
addresses created on the Dogecoin network spiked significantly in
the last seven days of January. The total number of new addresses
created during this one-week period came out to a total of 890,000.
However, the most interesting part is the spike that took place
between January 28 and 29. Related Reading: Bitcoin Fear &
Greed Index Reaches Lowest Level In Three Months, Is The Bleed
Over? In the screenshot shared by IntoTheBlock on X (formerly
Twitter), we can see that the majority of new wallets creation
happened in a single day. The daily wallet creation went from an
average of 60,000 leading up to January 28, and by January 29,
around 240,000 new wallets were created in a single day. The next
day would see a slight decline from these 2024 highs. But by
January 31, the numbers picked up once more. During this time,
another 200,000 DOGE wallets were created in a single day,
accounting for one of the largest spikes in new wallets on the
network. IntoTheBlock offered a possible explanation for the spike
in new wallets which could be related to an increased interest in
Doginals. Doom, a highly anticipated project, was launched on the
Dogecoin blockchain, contributing to the spike. The on-chain
tracker also added that “the rumors of Xpayments could be driving
new users to Dogecoin.” DOGE bulls fail to hold $0.08 support |
Source: DOGEUSDT on Tradingview.com Machine Learning Algorithm Not
Convinced On DOGE Price Despite the increased interest in the
Dogecoin network over the last week, the outlook for its native
DOGE coin is still not favorable, according to the machine learning
algorithm at CoinCodex. The algorithm has presented the likely
movements of the DOGE price over the next few days to the next
month, and they are far from bullish. Related Reading: Valkyrie
Exec Expects SEC To Approve XRP ETF, Can This Push Price To $100?
For the nearest term, the CoinCodex machine learning algorithm
expects that there will be a small increase in price over the next
five days, with an expected 1.54% rise. However, looking out in the
long term, the algorithm expects a change in this positive
momentum. Over the next month, the AI expects that there will be an
around 11.13% drop in price from the current levels. This would put
the DOGE price at $0.071, pointing to the current sentiment toward
the meme coin being rather bearish for now. Nevertheless, Dogecoin
is still holding on to its small gains of 0.7% over the last day,
while maintaining its position as the 10th-largest cryptocurrency
in the space with a market cap of $11.37 billion. Follow Best Owie
on X (formerly Twitter) for market insights, updates, and the
occasional funny tweet… Featured image from Inside Telecom, chart
from TradingView.com
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