The cryptocurrency trader and analyst Ali (@ali_charts) from the social media platform X has released a Dogecoin chart along with his expert analysis of what the original meme cryptocurrency has to do to hit a new major high of $0.14 per coin.
Meanwhile, a leading DOGE developer has shared his insights on the current state of Dogecoin, which has achieved a significant milestone concerning a key indicator of its usefulness: transaction count.
Dogecoin may double its price, analyst says
According to Ali, the weekly chart of the original meme coin has encountered a significant obstacle at the moment since DOGE is stuck at $0.087. The 100-week and 200-week EMAs, as well as the 0.786 Fibonacci level, have met at this pivotal level on the chart, creating a difficult-to-surmount barrier for DOGE.
According to Ali, the well-known meme cryptocurrency might “nearly double its price” and aim for a peak of $0.14 if it manages to overcome this barrier.
https://x.com/ali_charts/status/1729557606509744474?s=20
DOGE transaction count hits new high
Not for the first time since the weekend, well-known Dogecoin developer and community influencer @mishaboar has turned to the X platform to deliver the news of a new high that the DOGE transfer count has recently hit.
The total number of DOGE transactions increased by about one million on Friday, surpassing the total number of transactions on the Ethereum and Bitcoin chains. This important measure has now reportedly hit a significant new high of around 1.5 million transactions in the last day, according to Mishaboar.
However, the creator thinks that the majority of this massive bandwidth was caused by really modest transfers; many users are utilising the Dogecoin network because of its generously low fees and dust restrictions.
https://x.com/mishaboar/status/1729563043032449261?s=20
Mishaboar informed the Dogecoin community that additional fees may be added by users to facilitate speedier transactions, and the network is operating flawlessly and free of congestion. In comparison to the costs on the Bitcoin and Ethereum chains, these fees will remain minimal.
The only drawback to this enormous spike in transactions is that it causes the blockchain to grow quickly, which encourages operators to invest more resources in their nodes. For operators that manage their nodes with reputable host providers, this might be costly.
Regarding the first spike in DOGE transactions, Ali thinks that this was brought on by financial institutions and whales’ increasing interest in Dogecoin. Billy Markus, a co-founder of DOGE, stated that users exchanging DRC-20-based currencies and Dogecoin Ordinals (Dogedinals) at cheap rates were the reason for the traffic surge.
DOGE surpasses BTC and ADA by important metric
According to a U.Today story from earlier this week, the number of new Dogecoin wallets has begun to rise, whereas the same indicator for Bitcoin has begun to flatten and is now declining for ADA wallets.
Prominent on-chain data aggregator Santiment revealed this information. According to the Santiment data, the astounding 51.9 million Bitcoin wallets have grown by just 0.25% over the last four days.
Over the past ten days, there has been a 0.59% decline in the quantity of 4.46 ADA wallets. In the past few days, the quantity of Dogecoin wallets has increased by 2.52%, from 5.39 million to 5.38 million.
The original meme coin, DOGE, has grown by 5.41% in the last day and is now trading at $0.0811.
