Galaxy Analyst Predicts Dogecoin Revival

Zack Pokorny, a research analyst at Galaxy, hypothesizes that Dogecoin (DOGE), a cryptocurrency with a dog motif, might become active once more.

The price of Dogecoin has been lackluster thus far in 2018. Still, there are indications of improvement as on-chain data demonstrates heightened activity, suggesting the possibility of further increases in value.

DOGE is up 77% from its June 2022 bear market lows of $0.053 but remains 86% below its all-time peak of $0.68. The prolonged 91% decline in the DOGE price has occurred twice in its history, preceding significant rallies.

Indicators of historical price stability and statistical health suggest that the DOGE price is at a robust level and could soon begin to recover. Additionally, the imminent deployment of the DOGE-1 satellite incorporates a literal moonshot component.

A twenty-four-hour decline of 1.02% had reduced Dogecoin to $0.094 as of this writing. Since November 2022, the DOGE market price has risen relative to its realized price, as the research indicates.

This action marked the commencement of bull markets and the conclusion of bear markets.

Despite Dogecoin’s lackluster price performance, on-chain indicators have reached, in some instances, new highs and some of the healthiest levels in years.

Unusual indicators, such as block size, unveil novel catalysts, and the introduction of DRC-20 tokens on Dogecoin serves as its driving force.

The Dogecoin network has experienced a surge in daily transactions and block size due to the expanding user base and proliferation of sending addresses.

The data suggests that interest in DOGE and its on-chain potential has been reignited.

Dogecoin, as a result, has experienced a tremendous influx of active and new consumers. In the past 30 days, there has been a 52% increase in non-zero balance addresses.

Conversely, the number of sending addresses has witnessed a 127% surge, amounting to 43,500, returning to levels observed in December 2021 and January 2022.

The DOGE network experienced a significant surge in daily transactions in May 2023, with the total number of transactions increasing by 64% in less than fifty days.

The daily volume of transactions increased by 26 on November 8, reviving this trend.

The significant progress made by Dogecoin’s foundations should not be overlooked, as evidenced by the network’s hashrate attaining an unprecedented 875 TH/s.

This indicates that interest in mining DOGE and maintaining the network is growing.