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- Dogecoin has continued to impress with a 5.24 billion DOGE record in multiple addresses imminent.
- Dogecoin adoption is growing at the state level, a trend that might trigger a price surge.
Recent data shows Dogecoin (DOGE) is on track to reach 5.2 billion in active addresses by profitability. This milestone when achieved is likely to fuel and attract more investors due to a surge in profitability.
High Level of Activity in the Dogecoin Ecosystem
The Dogecoin ecosystem has seen a high level of activity as observed by its whale transactions and overall volume. In the last 24 hours, DOGE has recorded a volume of $8.32 billion and over a thousand large transactions. Overall on-chain activity signals bullishness with 75% of addresses currently profitable, while 23% are not, per data from IntoTheBlock.
Investors usually look at Dogecoin’s profitability level to determine their next move. Therefore, DOGE will see more optimism when more addresses turn profitable. For a token recently outpaced by Litecoin (LTC) in terms of transaction processes, Dogecoin’s recent movement holds promise for its investors.
As regards price, DOGE has overcome several levels of resistance to get to where it is now. According to data from MarketCap, DOGE is currently hovering around $0.1189, declining by 2% in the past day. This suggests the memecoin has been having difficulty in sustaining its momentum.
Despite this challenge, DOGE has shown resilience by continuing to trade above the critical 50 EMA support. DOGE can continue on this bullish trend if it can hold above this level. For now, the memecoin has three support levels at $0.119, $0.128, and $0.133 that should be monitored.
Can DOGE Price Reach $0.15?
Dogecoin’s ability to reach a price of $0.15 would be determined by crossing the crucial resistance levels mentioned above. Note that the $0.119 mark serves as an immediate floor that prevents additional loss for DOGE. This level is important because it determines Dogecoin’s next move. If DOGE maintains this support, it might attempt to break through the next obstacle at $0.128.
A successful cross above this level will give DOGE the momentum to test the $0.133 level. A push above the price could send DOGE to higher levels. So, DOGE can get to the $0.15 level upon crossing this critical resistance. As noted, in our earlier article, crypto analysts forecast that DOGE could surpass the current ATH by hitting $1 by year-end or early next year.
Markedly, DOGE has recorded increased adoption as it expands into real-world cases. As summarised in our earlier news story, residents of Venezuela are turning to DOGE for remittal settlement amid an economic crisis. Dogecoin’s recognition as a valuable asset in Venezuela could set precedence for other jurisdictions. Consequently, DOGE’s price may rise further as adoption rises.
