Dogecoin (DOGE) has faced prices volatility lately, and the part has not found stability higher at the level of $ 0.27. Over the past seven days, Doge’s price has not violated the bar of $ 0.265 only once, but found no increase to maintain this movement upwards. This despite a recent increase DOGE trading volume.
Key indicators on the chain supporting the DOGE rebound
However, Ali Martinez, a chain analyst, believes that the tide could soon change in favor of Dogecoin investors. In a update He shared, Martinez noted that daily active addresses, transactions and whale movements are all flashing bullshit signals for Doge.
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He argued that an increase in these three measures for DOGE could point out a renewed interest and an upward momentum for the assets. Martinez suggests that these measures are currently stable, but a peak of activity could trigger an increase in prices.
In particular, an increase in the number of unique portfolio addresses interacting with DOGE daily can provide information on user engagement. A peak in this figure can result in a positive impact on the price.
Martinez’s prediction aligns with the data of Santlywhich shows a correlation between the price of Doge and the active addresses.
For example, in November 2024, when the Doge price was $ 0.4284, the daily transaction addresses were in the fork of 1.49 million. This dropped to 73,334, with a corresponding price drop. However, this drop faded in last week, with stability recorded in chain.
Likewise, the volume of Doge transactions suggests increasing demand and use. Meanwhile, big holders’ activities can report different messages to investors on the market. When the whales move, this may suggest possible purchase or sale pressure.
Will whales support Doge take the momentum?
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However, as reported By U.TODAY, the Dogecoin whales have become silent and the transactions of these large holders have been dried recently. Compared to November 2024, current transactions fell to less than a third of their volume. A return to school could trigger a positive price movement for DOGE.
If this happens and investors are betting on Open Doge Continue to increase, a price change could occur.