Dogecoin (DOGE), the popular meme-based cryptocurrency, has recently seen a significant spike in on-chain transactions. This surge in activity comes amidst a broader rally in the cryptocurrency market, with DOGE gaining momentum and other meme coins following suit.
While many digital currencies, including Bitcoin (BTC) and Ethereum (ETH), have been cautiously testing and pushing against new resistance barriers in the current market surge, Dogecoin (DOGE) has exhibited a striking and nearly unbroken rise in recent times. DOGE’s on-chain transactions have seen a significant increase in the past few days, with a surge of $665 million in transaction volume, marking a three-month high.
Furthermore, there has been a substantial number of long positions opened in DOGE, indicating that investors are speculating on a price increase. This was reported by Santiment, a platform that analyzes blockchain and cryptocurrency behavior, in a post on November 17.
🐶 #Dogecoin has had a modest +5% surge on a mostly flat #crypto market day. It has been aided by $665M in #onchain transaction volume, its highest level in 3 months. There is also a notable amount of $DOGE longs opening as traders bet on prices rising. https://t.co/uFgCCIxih0 pic.twitter.com/DussxIPJN2
— Santiment (@santimentfeed) November 16, 2023
Dogecoin Outperforms Other Cryptocurrencies
Dogecoin has seen an increase of over 6% in the last 24 hours. On the other hand, alternative cryptocurrencies such as Ethereum (ETH), Solana (SOL), Avalance (AVAX), Cardano (ADA), and Shiba Inu (SHIB) have all experienced a downturn. Interestingly, Dogecoin stands out as the only major cryptocurrency that has shown positive growth in the past 24 hours.
Despite the positive trends, it’s important to note that investing in cryptocurrencies, including meme coins like Dogecoin, carries inherent risks. The market is extremely unpredictable, with prices capable of significant swings in a short period. Therefore, potential investors should do their due diligence and consider their risk tolerance before diving into the meme coin market.
The recent spike in Dogecoin’s on-chain transactions and the rally in the meme coin market indicate a growing interest in these digital assets. Whether this trend will continue into 2023 remains to be seen, but for now, Dogecoin and its fellow meme coins are enjoying a moment in the spotlight.