A crypto analyst has predicted that the price action of Dogecoin you will pump very hard soon if on-chain data is any indication. The meme coin was trading around $0.10, but a set of network metrics is starting to give a positive impression.
Despite the lackluster price action, some analysts believe that recovery may be near there is a suggested price chart. These predictions are based on various factors, but one notable one is the increase in the number of active addresses interacting with the Dogecoin network.
Dogecoin Active Addresses Jump 176% in One Week
The latest data from on-chain analytics platform Santiment points to a significant increase in participation in the Dogecoin network. In accordance with information shared by Ali Martinez, The number of active DOGE addresses increased from 41,557 to 114,662 during the last week, representing a jump of 176%.
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Dogecoin active address chart data shows that activity increased at the end of last week. Previous readings were in the 40,000 to 70,000 range before the job launch pushed the number of active addresses over 100,000. The last bar in the chart shows the number reaching over 114,000 addresses, the highest level in months.
Active addresses are one measure of true network engagement. An increase in this metric usually indicates that more users are sending, receiving, or interacting with the property. In the case of Dogecoin, known for its waves of trading participation, the sudden increase in address activity could be a sign that attention is returning to the meme currency.
Analyst Says DOGE Can Pump Hard
The jump in network activity immediately led to a reaction among market observers. Crypto analyst Myles G. responded to the data having said that Dogecoin will “pump hard soon,” linking the increase in active addresses to the possibility of a strong price move forward. Such reactions are not uncommon in crypto markets. Therefore, it is not surprising that the analyst will be expecting a strong pump in the price of Dogecoin.
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Arguably, the most important development for the possibility of Dogecoin pumping hard is what seems to be gathering together with large fund holders. Another review shared by Ali Martinez adds a different dimension to the recent activity surrounding Dogecoin. According to the analyst, whales bought about 470 million DOGE in the last 72 hours.
The chart attached to that post shows the amount of Dogecoin held by major holders increasing from March 12 to March 14. Technical analysis of Dogecoin price action it shows that the power is building with a meme coin. All you need is to hold above $0.105 before the end of the week. If history is any example, an increase in whale holds could be the first step in bringing the price back up.
Featured image from Pixabay, chart from Tradingview.com
