- Dogecoin records over 1 million daily transactions, indicating strong network use and adoption.
- DOGE shows resilience with positive gains, supported by key bull market indicators.
As the cryptocurrency market experiences a slowdown in its previously bullish momentum, various assets are beginning to reflect this change in pace. Among them, Dogecoin (DOGE), the world-famous dog-themed cryptocurrency, is navigating the market’s general sentiment with significant developments in its transaction activities.
Surge in Dogecoin Transactions
Despite the market’s slowdown, Dogecoin has witnessed a remarkable surge in transaction activity over the past several weeks. Data from the decentralized finance (DeFi) market intelligence platform, IntoTheBlock, highlighted an impressive streak for DOGE.
Since January 30 and throughout February, the Dogecoin blockchain has consistently recorded more than 1 million transactions each day.
This uptick began on January 28, with transactions nearly hitting the 2 million daily mark by mid-February. Although there was a slight drop below 1.5 million transactions, the numbers rebounded as the month progressed, demonstrating the asset’s robust activity and growing adoption.
Currently ranked as the 10th-largest asset in the cryptocurrency sector by market capitalization, Dogecoin’s trading price stood at $0.086 at the time of reporting. This figure represents a modest decline of 0.27% over the last 24 hours.
However, when looking at the broader picture, DOGE has achieved a 4.06% gain over the past week and a 1.14% increase over the month, showcasing resilience amidst market fluctuations.
Bullish Signs
The significant surge in 24-hour transaction volume for Dogecoin is generally perceived as a bullish indicator. It reflects not only the increased use of the DOGE network but also signals growing adoption among users and investors. Such trends are often followed by heightened investor interest, which could potentially propel Dogecoin’s value above the $0.15 mark.
Furthermore, Dogecoin’s current position above three key bull market indicators—the 20-day exponential moving average (EMA), the 50-day EMA, and the 200-day EMA—along with the moving average convergence divergence (MACD) indicator, strengthens the asset’s ‘buy’ signal.
These indicators suggest that Dogecoin is well-positioned for future gains, bolstering confidence among investors. For dive deeper into the prospects and development of Dogecoin, you can watch this YouTube video.