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Dogecoin (DOGE): What Network Activity Surge Could Mean for Price

The past two months saw the original meme coin, Dogecoin, recording a 256% surge in unique addresses interacting with the meme coin daily. The increase represented an increase from 14,000 new addresses to 38,000 active addresses per day within the two months. Nevertheless, the daily wallet increase emerged as DOGE prices saw declining prices. How has the meme coin performed within the previous two months?

DOGE Price

The timeframe under review saw the meme coin’s price decline by 19%. DOGE price hovered around $0.08 on May 30. However, the altcoin retraced as bears stormed the crypto market, dragging Dogecoin to $0.07 during this publication. Meanwhile, the ongoing bullish retracement since early July saw the canine-themed token surging 16% in price over the past 29 days.

The asset’s trading volume plunged in the 2-month timeframe under review, noting an 8% slump. The metric hovered at 618.43M during this publication, following an 18.54% slump over the past 24 hours. Moreover, Dogecoin’s market cap dropped by 25% to $9.32 billion, and the alt ranks 10th on Coinmarketcap’s crypto-list by market value. The meme token had its market cap at $11.65 two months ago.

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The 24hr chart shows the original meme asset recorded a 0.12% uptick in price. Surprisingly, the crypto has witnessed a surge in buying momentum within the past two days. The Relative Strength Index maintained uptrends, reading 55.92 during this publication. Also, the crypto’s Money Flow Index headed towards the overbought region, standing at 70.51 during this publication.

On-Chain Performance

Despite the attractive increase in daily active addresses on Dogecoin over the two months, Santiment data showed a substantial drop in the amount of Dogecoin tokens in transactions conducted within that timeframe. While publishing this blog, the metric hovered at 255.77 million, declining by more than 200% over the past 60 days. That indicated a drop to $14.29 million from $81.1 million, measured in USD.

The previous two months saw DOGE’s social dominance rising towards the 12.88% high on June 16. The number saw a 74% drop to 3.24% during this publication. The asset’s social volume also hit the 8561 high on June 19 before a whopping 91% slump had it at 617 at this publication. However, the alt saw some respite on the development front. This index surged 152% during the phase under review.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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