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Reading: Dogecoin Users Observe Increased Network Activity
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COINTURK NEWS > Dogecoin (DOGE) > Dogecoin Users Observe Increased Network Activity
Dogecoin (DOGE)

Dogecoin Users Observe Increased Network Activity

In Brief

  • Dogecoin users report a sudden surge in network activity.

  • Whales purchasing large amounts of DOGE signal market optimism.

  • Potential future rallies could see DOGE surpass previous highs.

İlayda Peker
İlayda Peker 9 months ago
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Dogecoin $0.197849 (DOGE) users are witnessing a sudden surge in network activity. Popular on-chain strategist Ali Martinez shared insights with his 73,400 followers on the social media platform X, suggesting that this increase may be supported by institutional investors.

Contents
Increase in Network ActivityLarge Investments and WhalesMarket Expectations

Increase in Network Activity

Martinez highlighted a consistent rise in the number of large transactions on the Dogecoin network, indicating that institutional players and DOGE whales might be positioning themselves for a potential upward move.

Large Investments and Whales

Last week, Martinez noted that cryptocurrency whales purchased over $100 million worth of DOGE in just one day, which could be positive signs for DOGE’s future performance.

Market Expectations

Martinez believes that Dogecoin could replicate the massive rallies seen in 2017 and 2020, predicting that DOGE might surpass its all-time high of $0.7316 and exceed $2. He added, “Dogecoin whales bought over 1 billion DOGE in 24 hours, totaling approximately $108.7 million!”

At the time of writing, Dogecoin is trading at around $0.113, having experienced an increase of over 2% in the last 24 hours.

Martinez stated that DOGE could experience a 200% increase, a 60% pullback, and then enter a bullish phase after breaking out of a multi-year descending triangle formation.

After a recent decline of 65%, there is speculation that a significant rally could be on the horizon. The rising transaction volume on Dogecoin’s network and the substantial purchases by whales offer hope for a potential upward trend.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 8 October, 2024 - 2:01 pm 8 October, 2024 - 2:01 pm
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By İlayda Peker
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