Dogecoin

Dogecoin is witnessing a rapid increase in new addresses, potentially fueled by the adoption of Doginals and rumors linking the coin to becoming a payment option for X. This surge could keep DOGE fluctuating between $0.077 and $0.080 in the near future.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Add-a-heading.png?fit&#61;900%2C300&amp;ssl&#61;1" />Cryptos Headlines Platform Has Launched Its Native Token, Early Public Sale Is Live On <a href="https://cryptosheadlinestoken.com/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a>In the last two weeks, over 413,000 new Dogecoin (DOGE) wallets holding 0.001 to 1 DOGE have been created, marking the fastest growth rate for the memecoin since its beginning. This surge in network growth has occurred despite a 23% decrease in <a href="https://cryptosheadlines.com/bitcoin-surges-past-31000-altcoin-snapshot-btc-eth-bnb-xrp-ada-sol-and-doge-prices-in-usd-tl-june-23/" rel="noopener noreferrer nofollow">DOGE’s price</a> since December 9. Nonetheless, the rise in this metric indicates strong user adoption, potentially influenced by various factors.<h3 id="speculations-and-developments-behind-dogecoin-s-address-surge">Speculations and Developments Behind Dogecoin’s Address Surge</h3>The recent <a href="https://cryptosheadlines.com/analyst-predicts-700-dogecoin-surge-in-anticipation-of-epic-pump/" rel="noopener noreferrer nofollow">surge in new Dogecoin</a> (DOGE) addresses may be linked to two key developments within the DOGE ecosystem. Firstly, the introduction of “Doginals,” inscriptions on the Dogecoin network, and the development of DRC-20 tokens, fungible assets minted from these inscriptions, could be contributing factors.OKX, a crypto <a href="https://cryptosheadlines.com/coinbase-launches-web3-wallet-for-institutions-and-enterprises/" rel="noopener noreferrer nofollow">web3 wallet</a> and exchange, recently announced its support for Doginals, which may have spurred interest and participation in the Dogecoin network. Additionally, the <a href="https://cryptosheadlines.com/tellors-trb-token-emerging-cryptocurrency-star/" rel="noopener noreferrer nofollow">emergence of DRC-20 tokens</a> could have further incentivized users to create new addresses and engage with the DOGE ecosystem.Another possible driver behind the surge in new DOGE addresses is speculation surrounding <a href="https://cryptosheadlines.com/dogecoins-bullish-outlook-and-potential-integration-with-xs-payment-app/" rel="noopener noreferrer nofollow">Dogecoin’s potential integration into the payments</a> segment of X (formerly Twitter). Reports about X’s launch and potential inclusion of <a href="https://cryptosheadlines.com/doge-price-surge-triggers-huge-movement-to-binance/" rel="noopener noreferrer nofollow">DOGE led to a significant uptick in DOGE’s price</a>, suggesting heightened market interest and anticipation surrounding this development.<a href="https://cryptosheadlines.com/rune-price-aims-for-50-increase-by-challenging-50-day-ema/" rel="noopener noreferrer nofollow">Also Read: RUNE Price Aims for 50% Increase by Challenging 50-Day EMA</a><h3 id="analysis-of-dogecoin-price-movement">Analysis of Dogecoin Price Movement</h3>At present, Dogecoin (DOGE) is valued at $0.078, <a href="https://cryptosheadlines.com/cardano-ada-surges-14-in-a-week-indicating-historically-bullish-trend/" rel="noopener noreferrer nofollow">indicating a modest 3.72% increase over the past week</a>. Looking at the 4-hour chart, DOGE has been trading within the range of $0.077 and $0.080 since January 30. During this period, sellers have predominantly influenced the market momentum, as evidenced by the Relative Strength Index (RSI).The RSI, a technical indicator, has shown that attempts by bulls to drive up the price have been met with resistance. For instance, the RSI briefly reached 52.30 on February 5 but quickly declined to 47.95. However, if the trend of new addresses entering the DOGE network persists and buying pressure intensifies, DOGE’s price could potentially rise to $0.085 in the short term, with a bullish scenario potentially seeing a retest of $0.090.<img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines002-6.png?resize&#61;640%2C420&amp;ssl&#61;1" />DOGE/USD 4-Hour Chart (Source: <a href="https://www.tradingview.com/x/Jj4STB1J/" rel="noopener noreferrer nofollow">TradingView</a>)Conversely, if bearish sentiment prevails, DOGE’s price might retreat to as low as $0.075 in the near future. Another <a href="https://cryptosheadlines.com/btc-targets-70250-indicator-analysis/" rel="noopener noreferrer nofollow">indicator considered in the analysis</a> is the Moving Average Convergence Divergence (MACD), which currently stands at zero on the negative side. This reading suggests a neutral stance, indicating that DOGE may continue to trade sideways until there is a decisive shift in market dynamics.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Dogecoin Makes Big Moves: Could the Downward Trend Shift?

Table of Contents

CryptosHeadlines.com

Other articles published on Feb 6, 2024

Inferno Drainer Nabs $900,000 Worth of Chainlink (LINK) in Latest Crypto Hack

UK Government Considers Binding Requirements for AI Companies

Ripple (XRP) Whales Dump 29 Million Tokens, Option 2 Trade’s (O2T) $5 Future

ICP and BONK Limited Market Movement, Investors Eye Rebel Satoshi for Higher Earnings

Cardano (ADA) Stalls at $0.50 Resistance – What’s in Store for February?

Layer3 blockchain Orbs unveils V4 upgrade to meet rising industry demand

Join our free newsletter for daily crypto updates!