Dogecoin usage hits this major milestone: How will DOGE benefit?

• The DOGE address and its velocity have increased sharply in the recent past.
• Analysis shows that Memecoin is testing an important resistance.

Dogecoin [DOGE] It has achieved a significant milestone related to its network usage in the recent past. This milestone clearly reflects the increase in adoption. When this happened, the price of Memecoin also gained momentum.

Dogecoin's network activity on fire!

Ali, a popular crypto analyst, recently posted one Tweet An interesting development revealed. According to Tweets, the addresses recently increased to 133,880. This was a major development, as the number was the highest level in eight months.

In fact, AMBCrypto's analysis of Santiment's data revealed a similar scenario. We have seen DOGE's velocity increase over the past month, which means DOGE has been used more in transactions over a given time frame.

To support this, the number of transactions of MemeCoin also followed a similar upward trajectory last month. All these developments indicate an increase in the use of DOGE.

Source: Sandhi

How is DOGE doing?

According to CoinMarketCapDOGE's weekly and daily charts remain green. At press time, DOGE was trading at $0.1115. Notably, AMBCrypto Report Earlier, the world's largest memecoin was in consolidation phase.

Therefore, AMBCrypto plans to dig deeper again to find out if anything might change in the coming days.

Our analysis shows that whales are actively trading memecoins. This was evident from the steady number of whale transactions last week. Furthermore, Dogecoin's MVRV ratio has also increased.

At press time, the metric stood at 1.2%. Although the figure was not up to the mark, its improvement suggested a change in market trends.

Nevertheless, DOGE's weighted sentiment has declined over the past few days, indicating that bearish sentiment around an asset is increasing.

Source: Sandhi

Additionally, we also found that at the time of writing, Dogecoin's Fear and greed indicators was at the “greed” stage. Generally, when the indicator hits this level, it indicates an impending price decline.

read on of Dogecoin [DOGE] Price forecast 2024-2025

According to our analysis, DOGE was testing an important resistance at press time. A successful breakout could see Dogecoin move back towards $0.13.

However, if bears take control of the market, MemeCoin may witness a correction, resulting in a drop to $0.10. A drop below that mark could push Dogecoin further down to $0.094 next week.

Source: TradingView