DOGE Network Activity Rises As Price Rebounds 14%
There has been a remarkable rise in the network activity of Dogecoin. This increase comes happened at the same time as the price of the meme token also recorded a surge of 14%.
At publishing time, there was an increase of 14% recorded in the price of DOGE in the last 24 hours. Therefore, the meme coin was changing hands at $0.095.
The Increase
Data from IntoTheBlock revealed that in this time frame, there was a 119% rise in large transaction volumes. Thanks to this rise, volumes have now climbed to an impressive 16.5 billion DOGE tokens.
This particular metric tracks the estimated number of tokens that institutional players and whales transact on a certain day.
A rise in large transaction volumes usually means that institutional investors have increased their activity, whether selling or buying.
Furthermore, the same on-chain source revealed that the Dogecoin network has also experienced a notable rise in total fees.
More Metrics
The fees increased to 248,470 DOGE tokens from 20,340 DOGE tokens, which points towards an increase in demand for network transactions.
Total fees usually highlight the level of activity. Usually, when there is an increase in total fees, it means that there is a significant amount of users who want to conduct transactions on the network.
As demand rises, users are ready to pay higher fees for completing their transactions. There has also been an increase in the number of active addresses.
The last 24 hours saw the number of active addresses go up to 51,320 from 40,420. This increase in active addresses points towards a broader level of participation on the DOGE network.
It means that there is a greater number of users engaging in transactions as well as other activities.
Market Situation
On Tuesday, the broader crypto market recorded a bounce, which helped recover some of the losses recorded a day earlier.
On Monday, there had been a decline in the broader crypto market amidst a global market sell-off that was brought about by fears of an economic recession.
This broader market sell-off had initially begun in the previous week when investor concerns about a potential recession had soared after the jobs report for July.
DOGE Price
There had been a sharp decline in the price of Dogecoin, in line with the rest of the crypto market. It saw the largest meme token by market cap reach a low of $0.08, which had been seen in February of this year.
On July 27th, DOGE had reached a high of $0.1388. However, the meme token ended up marking a losing streak of 10 days.
The good news is that Dogecoin can break through its current consolidation range. It has been stuck there since the middle of April.
If the meme coin manages to climb above its 50-day and 200-day moving averages, then it could rise. Meanwhile, consolidation appears to be the likely course for DOGE.
It is because bulls are gradually gaining strength and may be gearing up to make the next move.
