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The world’s largest memecoin, Dogecoin (DOGE), has recently defied market downturns by surging over 6% in the last 24 hours, drawing investors’ attention. At the time of writing, DOGE is trading at $0.1982, indicating a 5.31% increase with a market value of $29.4 billion. The daily trading volume of the altcoin has also jumped by 53%, reaching $5.02 billion, and investors are focused on DOGE breaking the $0.2 threshold with the increase in on-chain activity.
Anticipation for a Break Above $0.2
According to the experienced cryptocurrency analyst Rekt Capital, Dogecoin has shown resilience by successfully retesting the Macro Downtrend line and has made a significant rally of over 55%. The analyst also added that the altcoin has broken out from a Bull Flag formation and is currently retesting the upper boundary of the Bull Flag as a new support level.
Investors and analysts are now expecting a potential major breakout above $0.20 in Dogecoin. This breakout could be a sign of the beginning of a new surge towards the all-time high (ATH) and beyond $1.
Significant Increase in On-Chain Activity
On the other hand, recent on-chain metrics related to Dogecoin have shown significant changes within its ecosystem, capturing the attention of market participants. Notably, there has been a considerable increase in the number of transactions, whale transactions, and the age consumed of DOGEs.
Data from the on-chain data platform Santiment reveals a significant rise in active transactions for Dogecoin, which coincided with the altcoin’s price recovery and surged from 1.22 billion to 9.2 billion in just two days. This increase in transaction numbers indicates a growing interest in Dogecoin among users.
Additionally, whale transactions consisting of DOGEs valued at $100,000 or more have seen a substantial increase, rising from approximately 1,500 daily transactions at the beginning of March to over 4,000 by the end of the month. This surge indicates increased participation of large investors in the Dogecoin market.
There has also been an increase in the consumed age, another significant metric representing the duration DOGEs are held by investors. An increasing number of Dogecoin investors are opting to hold their assets instead of selling, demonstrating their confidence in the altcoin’s future potential and expecting further upward price movements.
