Dogecoin (DOGE), a cryptocurrency with a dog motif, has had a 32% increase in daily active addresses over the past day, according to IntoTheBlock statistics.
There were 55,444 daily active addresses, or addresses that have completed one or more on-chain transactions in the previous day.
An effective metric for tracking network activity over time is the number of daily active addresses. Generally speaking, rising daily active addresses signify rising blockchain usage, whereas falling daily active addresses signify falling network demand. Price activity and daily active addresses are typically connected. Daily active addresses can therefore frequently be included as a leading indication for price movement.
It’s also important to keep an eye on the correlation between daily active addresses and price movements; a high correlation indicates that active addresses are more likely to follow the price than to use the cryptocurrency asset.
Will Dogecoin price follow?
The price of Dogecoin0 was continuing its upward trend that it started on Friday after falling for three days in a row.
Dogecoin reached intraday highs of $0.102 during Saturday’s trading session and was up 2.10% to $0.101 as of this writing.
If the rebound sustains, buyers may seek to push the Dogecoin price above the daily SMA 50 at $0.115. If they can do so, Dogecoin might gain momentum and reach the daily SMA 200 at $0.136. A breach above the daily moving average may kick-start a fresh uptrend for the Dogecoin price.
On the down side, it may indicate that bears are trying to take the initiative if the price drops below $0.10. The support at $0.09 is not very strong, but if this level falls through, the next stop will probably be around $0.08.
Dogecoin Core 1.14.8, which features significant network code improvements, was published last week. Significant bug fixes for the networking code were also included in the minor version release.
