Is Dogecoin on the Rise Again?

Dogecoin has remained stable since early April, after reaching its highest point in four months. As of now, the leader of meme-coins is trading at $0.08691, a decline of around 5% on the day SpaceX Company just conducted its first orbital test flight with Starship.

The number of active Dogecoin addresses, according to Bitinforcharts data, rose to levels not seen since August 2022, on April 4th when it surpassed 100,000 addresses. When the addresses rose above 100,000, the price of Dogecoin also reached a 4-month high. The increase was supported by an abrupt temporary change of Twitter’s old blue bird logo to a cutout image of Dogecoin. After Elon Musk’s acquisition of Twitter, many hoped that DOGE would become the official payment token of Twitter.

It is interesting to note that the Dogecoin network has consistently attracted more than 47,000 daily users, which demonstrates investor consistency. The active addresses have also remained above 55,000 in the past 30 days. All these factors indicate a larger market share and increased interest in the network, which could result in a surge in demand for DOGE.

Additionally, the broader recovery of the crypto market has almost doubled Dogecoin since its low point in June 2022. On the other hand, transaction fees have skyrocketed to a new level this week.

As the number of active Dogecoin addresses continues to increase, and interest in the network grows, it’s likely that Dogecoin will experience a significant rise in value in the near future.

Disclaimer: This blog post is for informational purposes only and does not constitute financial advice. There may be errors or omissions in the information provided, and readers are encouraged to conduct their research before making any investment decisions.