Dogecoin, the world’s largest meme coin, continued to trade sideways towards the weekend, mirroring the broader market’s subdued sentiment this week.
However, amidst this weakness, DOGE has exhibited remarkable resilience, refusing to succumb to downward pressures and fueling optimism at the possibility of a significant bullish surge in the near future. Notably, this resilience has been attributed to the cryptocurrency’s robust underlying fundamentals in recent days, indicating a growing influx of investors engaging with the network
Earlier, Popular cryptocurrency analyst “Crypto Daily Trade Signals” discussed the potential for Dogecoin to experience a major uptrend, supported by the impressive growth in the number of new addresses on the Dogecoin network.
In his YouTube channel, the pundit highlighted the unprecedented surge in new addresses on the Dogecoin network. He reported an astonishing 890,000 new addresses being added within a week, showcasing an 86% adoption rate. According to the pundit, this surge in adoption is seen as a positive indicator of the overall health of the Dogecoin network.
While discussing Dogecoin’s price dynamics, the pundit further pointed out that the cryptocurrency is currently facing resistance around the $0.08 mark. He emphasized that the current consolidation around the area is crucial, and a successful breakout could pave the way for a substantial price rally.
His insights come after cryptocurrency analyst Ali Martinez highlighted that the number of new addresses skyrocketed by an astounding 1,100% during the last week of January. Notably, Martinez emphasized that January 29 set a new record, witnessing the creation of an unprecedented 247,240 new DOGE addresses, marking an all-time high for network expansion.
Earlier today, the DogeWhisperer further disclosed that the Dogecoin network achieved a remarkable milestone by successfully handling around 1.9 million transactions within the last 24 hours. And despite attributing this surge to the controversial practice of embedding images on the blockchain, criticized for potential network bloat without clear use cases, it cannot be denied that Dogecoin’s transaction count has experienced a significant surge.
Just recently, Dogecoin solidified its position as the fourth most utilized cryptocurrency on the leading crypto payment network BitPay, with an astounding 49,428 Dogecoin payments being processed through the platform in 2023 in a diverse range of industries.
That said, if DOGE can break past the $0.08 minor resistance level, as highlighted earlier, it could push towards $0.1, where a significant barrier awaits. A further break above that level would turn it into strong support, potentially propelling the price to around $0.16 with ease.
At press time, DOGE traded at $0.085 after a 0.55% gain in the last 24 hours.
