Dogecoin is currently in a consolidation phase following days of sharp volatility and wild price swings. Since the start of October, the meme coin has been trading within a tight sideways range, leaving some investors concerned about whether the anticipated rally for DOGE will ever materialize. The uncertainty in the market has heightened fears that Dogecoin’s price might stagnate further, as bullish momentum seems to have cooled off.
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However, new data from Santiment offers a glimmer of hope for DOGE enthusiasts. The platform’s key metrics show that active addresses on the Dogecoin network have surged to their highest level in eight months. Analysts often consider this spike in network activity as a positive sign, as increased participation and interest can drive price action upward.
As traders keep an eye on these developments, this uptick in active addresses could serve as the catalyst needed for the next significant Dogecoin rally. The question remains: will this trend be enough to reignite the bullish sentiment around DOGE, or will it remain stuck in its current range?
Dogecoin Network Activity Rising
Dogecoin is at the center of intense speculation as investors and analysts debate its future price action. After enduring weeks of volatility and sharp price swings, the meme coin has mirrored the unpredictable nature of the broader crypto market.
Currently consolidating above the key $0.10 level, Dogecoin traders are closely watching for signals that could trigger a rally. Investors are eager for a clear bullish confirmation, but so far, the market remains in a state of uncertainty.
Critical on-chain data offers some hope for Dogecoin enthusiasts despite the lack of immediate upward momentum. According to Santiment data, shared by crypto analyst Ali on X, active Dogecoin addresses recently surged to 133,880, marking the highest level in eight months.
This spike in network activity is often interpreted as a positive sign, suggesting that more traders are engaging with the asset, potentially indicating rising demand.
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Higher active addresses generally signal increased transaction participation, which can create upward pressure on prices if sustained. As this trend unfolds, many investors are hopeful that this increased network…
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