Network activity is increasing on the Dogecoin network. What could this lead to?

The beginning of 2024 turned out to be unsuccessful for a large number of altcoins. Including for the Dogecoin meme coin. “Dog” showed negative indicators. But lately, things have started to improve for Dogecoin. What is the positive news for Elon Musk's meme coin? What can Dogecoin holders expect in the future? Is it possible for the token rate to increase?

Increased network activity

Since the end of last year, the rate has been gradually declining. As a result, the drop was 14%. Experts analyzed technical indicators. The picture turned out to be disappointing. There are no visible reasons for growth. Despite the negative analyses, network activity has increased sharply on the Dogecoin network.

IntoTheBlock data shows that 890 thousand new wallets were registered over the past week. Adoption rate increased by 86%. In addition, the number of daily active addresses has increased. From January 23 to February 2, the number of active ones increased by 300 thousand.

Reasons for the sharp increase in network activity

The video game DOOM was launched on the Dogecoin blockchain. It was developed in 1993. This is one of the most popular shooters at the moment. Accordingly, the launch of a game on the meme coin blockchain became an important event not only for token holders, but also for all fans of this toy.

At the same time, experts refuse to believe that it was the game that became the catalyst for the growth of online activity. But the coincidence is quite interesting. As they say in some detective series, such coincidences cannot exist. So it turns out that the launch of the toy may be the very force that will push the Dogecoin rate.

What should DOGE coin holders expect?

The current performance gives hope to Dogecoin token holders. Some experts believe that in the near future we should expect the rate to increase by at least 25%. After consolidating at 10 cents, an upward reversal may become a reality.
At the time of writing (9.22 Kyiv time, 02/06/2024), the cost of moments was $0.07823. But the daily and weekly charts show a drop in value. In particular, minus 0.24 and 3.75%. The market capitalization is $11184138.135.

Thus, we can only state that so far there has been an increase in network activity. There are no prerequisites for the rate to rise to 10 cents. As for me, we only need to wait for sharp statements from Musk. Only it can become a catalyst for rate growth.

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Pictures: screenshots