As the leading meme coin in the crypto world, Dogecoin (DOGE) seems to have once again become the center of attention as the countdown for February continues. The meme coins, led by DOGE, could be preparing for a potential comeback amidst the recovering crypto market.
Dogecoin Commentary
According to those closely following the market, if the increase in network expansion continues, a positive movement in DOGE’s price could be seen. Last week, there was an increase of over 1,000% in the number of new addresses joining the Dogecoin network, which once again demonstrated the growing interest in DOGE.
Due to this increase, on January 29, the highest number of all time was reached, and an unprecedented 247,200 new DOGE addresses were created in a single day.
As of the time of writing, Dogecoin continues to trade at $0.079, with a nearly 4% decrease in 24-hour trading volume, falling to $315 million. Additionally, its market value was at the level of $11.3 billion.
Recent analyses for Doge have forecasted a minimum price value of $0.0816 and a maximum price value of $0.0838.
In an article published by crypto analyst Ali Martinez on X, attention was drawn to the growth of the Dogecoin network, and signals of a possible rapid reversal in the price trend were indicated.
The Future of Dogecoin
Looking at the Fear and Greed Index, the value pointed to 60, indicating a slight but increasing tendency towards greed among investors in the market.
Considering the increase in the number of new addresses and the positive outlook presented by analysts, the crypto community continues to closely monitor Dogecoin’s movements.
Both DOGE enthusiasts and investors appear impatient to see whether the meme coin will experience a surge and a significant upward breakout in the coming weeks.
The recent increase in network growth and the optimistic market structure forming around Dogecoin suggest that interest in DOGE in the crypto market may continue to rise.
All investors have one question in mind. Could February be a turning point for DOGE?
