Dogecoin’s Push Towards $1 Amped Up With
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, is seeing a significant increase in the number of active addresses on its network. According to data from Santiment, the number of active addresses has increased from less than 1 million on October 31, 2024 to an all-time high of 9.52 million in early December 2024.
This increase shows that Dogecoin's adoption and engagement are increasing. However, despite the positive growth in the number of users, the price of DOGE has not yet reached the $1 mark that many expected. On December 5, 2024, Dogecoin's trading volume surpassed $15 billion, pushing the price to $0.48. However, the trading volume has since dropped to $6.60 billion, indicating that overall interest in the coin is decreasing.
Technically, the 4-hour chart shows that DOGE has broken below its 20-period EMA, a sign that the downtrend could continue. If DOGE fails to break above this resistance, the price could drop to $0.42.
Currently, Dogecoin is hovering around $0.1628.
While the record number of active addresses shows that Dogecoin is growing in interest and adoption, a combination of factors will be needed to reach $1, including a continued increase in trading volume and interest from large investors.