Growing Dogecoin (DOGE) Network Activity Indicates Momentum Surge

By Sunil Gavhane

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Dogecoin: Last week, more people have been using Dogecoin (DOGE), and its price has gone up too.

IntoTheBlock is a useful tool for studying Dogecoin trends and figuring out if its price is likely to go up or down. It collects and looks at data from the blockchain, providing information on things like the number of transactions, big transactions, and who owns Dogecoin.

This information can help us better understand how people feel about the market and what might happen to Dogecoin’s price.

Dogecoin Challenges $0.0818 EMA Barrier

Recently, Dogecoin’s value went up from a very important low point around $0.076 and has stayed higher than its average value over the past 200 days, showing it’s doing well. Now, it’s facing a challenge at another average value point over 50 days, near $0.0818.

If Dogecoin’s price goes above this point, it could rise to about $0.0868, following the 0.382 Fibonacci level. If it gets past this obstacle, Dogecoin could then aim for an important resistance level around $0.095.

If Dogecoin’s price goes above $0.095, which is an important level, it could mean it will start to increase in value again soon. This positive view is also supported because the EMAs (a type of trading indicator) have crossed over in a way that usually means prices will go up, and the MACD (another trading indicator) is showing signs that also suggest prices might start to rise.

At the same time, the Relative Strength Index (RSI) is in the middle range, which means it could go up or down.

Dogecoin Addresses: Under 50% in Green

Right now, 47% of people who have DOGE cryptocurrency are making money from it, while about 36% are losing money. Also, around 17.2% of DOGE owners would not make or lose money if they sold their DOGE at its current price.

This shows how different Dogecoin owners made more or less money depending on when they bought it and how its price changed.

Dogecoin Network Sees Strong Upward Trend

As the new year begins, the Dogecoin network is doing well, with around 5.6 million addresses now holding DOGE.

This also means more people are getting interested and involved in Dogecoin, showing that it’s still popular among those who use and invest in cryptocurrencies.

Surge in Dogecoin Network Activity Over Last 7 Days

In the last week, Dogecoin’s network has been much busier. The number of active DOGE wallets has gone up by more than 46%. Also, there’s been about a 38% increase in the making of new DOGE wallets.

At the same time, the number of accounts that don’t have any DOGE in them has gone up a lot, by nearly 50%. Together, these numbers show that more people are buying, selling, and using Dogecoin, which means there’s more interest and activity in the Dogecoin community.

Positive Sentiment Prevails for Dogecoin on Telegram

There’s a lot more good news than bad about Dogecoin on Telegram. In the last week, there were 356 good news stories compared to only 46 bad ones. This shows that most people in the community feel positive about Dogecoin.

Even though things look good for Dogecoin, the number of people in its Telegram group has gone down a lot in the last two years. This shows a difference between the good news about Dogecoin and how active people are in its community.

Over One-Third of Dogecoin Supply Held by Retail Investors

The way Dogecoin is owned shows that a few big investors have a lot of it. About 81 big investors, who each own between 0.1% and 1% of all Dogecoin, together have about 21.3% of all the Dogecoin there is.

Also, there are ten big Dogecoin holders who each have more than 1% of all the Dogecoins. Together, they own almost 44% of all the Dogecoins.

Just over a third (34.8%) of all Dogecoin is left for small investors, who own less than 0.1% of the tokens each. This shows that big owners have a lot of power in the Dogecoin community.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

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