Dogecoin, one of the foremost memecoin in the market, continues to demonstrate its staying power in the volatile crypto market. A recent analysis by IntoTheBlock reveals some intriguing insights into the current state of the Dogecoin network and the catalyst it needs on its journey to the highly anticipated $1 mark. Despite significant profits for many holders, the data suggests that Dogecoin needs a strong catalyst to achieve substantial growth. While Dogecoin seeks its next catalyst, new players like Pawfury (PAW) are quickly gaining attention in the crypto market.

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On-chain Insights for DOGE

According to the on-chain data, a remarkable 68% of Dogecoin holders are currently in profit, highlighting the asset’s resilience. This positions Dogecoin as the fourth-largest crypto asset by market cap among those with over $1 billion. However, despite this strong foundation, the network appears to be stalling in terms of attracting new participants. The number of new addresses joining the Dogecoin network has been gradually decreasing, signaling a potential challenge in sustaining long-term growth.

The analysis also highlights mixed transaction activity over the past three months. While there were a few notable spikes, these were short-lived, and overall transaction volumes remain inconsistent. Interestingly, the data shows that Dogecoin’s network is far more active in Western time zones, pointing to untapped growth potential in the Asia-Pacific (APAC) region.

The loyalty of Dogecoin holders is another noteworthy aspect, with an average holding time of 2.3 years. This long-term commitment suggests that while network activity may be low, holders are not rushing to sell, maintaining their positions in anticipation of future gains. Over 67% of all DOGE holders have held their assets for over a year, further underscoring this trend.

Dogecoin to $1? 

Doge Price Analysis
Source:Claudette / Reddit

The path to $1 for Dogecoin is tough but undeniable. Currently trading around $0.10, reaching the $1 mark would require a staggering 900% increase. After a recent dip to $0.08, Dogecoin has shown signs of recovery, but the bulls are struggling to push the price above the critical $0.10 level. Should they succeed, the next targets would be $0.12 and $0.14, where strong resistance is expected.

On the downside, failure to maintain the $0.10 level could lead to a retest of the $0.08 support. A breach below this support could trigger a further decline to $0.06, making the current price action crucial for Dogecoin’s short-term prospects.

Conclusion

As the market eagerly watches for the next DOGE catalyst, Dogecoin’s journey to $1 remains a topic of intense speculation. Whether it finds the momentum it needs or continues to struggle will depend on market conditions, but the emergence of new opportunities like Pawfury (PAW), which is quickly becoming a contender in the ever-evolving cryptocurrency landscape, is the sure way to earn massive returns on early investments. Join Pawfury today! Pawfury is even offering a 10% bonus for first-time buyers using the code “EXTRA10X“.