Dogecoin (DOGE) Network Activity Spikes, Signaling a Potential Market Sentiment Shift

Dogecoin (DOGE) has again attracted the attention of the crypto market with a significant daily spike in transactions.

Jakarta - Dogecoin (DOGE) has again stolen the attention of the crypto market through a significant spike in daily transactions. Based on the latest data from on-chain analytics platform IntoTheBlock, the Dogecoin network recorded 1.93 million transactions in the last week, the highest since July 2024. This shows that activity is starting to pick up on the Dogecoin network, which was previously sluggish for nine consecutive weeks.

Even though the price of Dogecoin is still stuck at around 0.10 US Dollars (Rp. 1,529), this spike in transactions could be a signal of a change in market sentiment, indicating a potential price increase in the near future. However, is this surge in activity enough to significantly boost the price of Dogecoin?

In its report, IntoTheBlock said that Dogecoin transaction volume jumped more than 100% compared to the previous week. This spike shows new movement in the Dogecoin network, which previously tended to stagnate since March 2024. Although the number of transactions is still much lower than its peak in February and March, when Dogecoin processed more than 10 million transactions per week, the increase is still a positive signal .

The surge in Dogecoin network activity can be interpreted as a resurgence of interest among its community, after the last few months of sluggish on-chain activity and transaction volumes dropping drastically.

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The increase in the number of transactions in the crypto world is usually related to a surge in buying momentum among traders. In the case of Dogecoin, this surge reflects optimism among market players, potentially lifting the price of Dogecoin in the short term.

At the time this news was written, Dogecoin was trading at the level of 0.1015 US Dollars (Rp. 1,551), slightly higher than the psychological level of 0.10 US Dollars (Rp. 1,529) which is considered a crucial point. Previously, on September 16, Dogecoin fell below 0.10 US Dollars (Rp. 1,529) before recovering. However, even though prices strengthened slightly, the growth rate slowed, indicating strong resistance around the 0.10 US Dollar level (Rp. 1,529).

Quoted from Bitcoinist, according to crypto analyst Ali Martinez, the next resistance level for Dogecoin is at 0.11 US Dollars (Rp. 1,681). This is an important point as there are over 23,400 wallet addresses currently holding 31 billion DOGE in a losing position. If the DOGE price reaches this breakeven point, many DOGE holders will likely sell their assets, which will add to the resistance pressure at this level.

Meanwhile, several market analysts advised investors to remain cautious. Although a surge in daily transactions could be an early signal of a revival, DOGE still needs to consistently break resistance above 0.10 US Dollar (Rp. 1,529) to trigger a bigger rally.

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