Dogecoin (DOGE) Price on Cusp of Major Bull Run Catalyzed by Rising On-chain Activity

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As a seasoned researcher who has been closely observing and analyzing the cryptocurrency market for over a decade, I find myself intrigued by the latest developments surrounding Dogecoin (DOGE). Having witnessed its inception as a meme coin and its subsequent growth into a significant player in the crypto space, I can confidently say that DOGE has come a long way.

On Monday, Dogecoin (DOGE), the pioneer and dog-themed cryptocurrency supported by an active community of investors, managed to stay above a significant support level at around 11 cents. With a fully dilated market value of approximately $16.5 billion and a daily trading volume of roughly $780 million, Dogecoin experienced a minor increase of 1.2% in the past 24 hours, trading at about $0.1128 during the early New York session on October 14.

Looking at technical analysis, it appears that Dogecoin’s price is poised for a significant surge potentially reaching a 300% increase in the short term. This optimistic outlook stems from the bullish trends suggested in October. Additionally, the cryptocurrency market as a whole has been experiencing a rise in bullish sentiment following the Federal Reserve’s decision to implement the first interest rate reduction since the COVID-19 outbreak, which was made prior to the 2024 US elections.

It’s highly probable that we’ll see the predicted cryptocurrency surge following the Bitcoin halving event in the upcoming months. Looking at past trends, both Bitcoin and the broader altcoin market have shown strong performance during the last quarter of the year.

If Bitcoin’s current market dominance trends towards reversal in the short term, it seems likely that the long-awaited altcoin season (altseason) could be just around the corner. As per renowned crypto analyst Ali Martinez, Dogecoin’s price might soon experience a bullish surge, according to technical analysis.

Buy signal: #Dogecoin

— Ali (@ali_charts) October 14, 2024

Why Consider Dogecoin for a Bull Run Ahead

Over time, Dogecoin – a pioneering altcoin with roots in internet memes – has expanded its market and community significantly. Notably, the technology behind Dogecoin enjoys the support of tech magnate Elon Musk, who has publicly pledged his ongoing commitment to bolster DOGE.

For example, Musk has mentioned that Dogecoin may become a method of transaction within his collection of companies, spearheaded by the X platform and Tesla. Importantly, Musk plans to transform the X platform into a comprehensive solution, and it’s anticipated that the payment feature will be rolled out imminently.

Currently, the Dogecoin community boasts over 7.4 million members and is featured prominently on all significant crypto trading platforms such as Binance and Coinbase. According to recent analysis by Santiment, the number of active addresses on the Dogecoin network has soared to a peak not seen in eight months, reaching approximately 133K.

Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months!

— Ali (@ali_charts) October 12, 2024

Over time, the meme coin that relies on proof-of-work (PoW) has drawn in more institutional investors wanting to expand their crypto-mining ventures. Currently, the Dogecoin network boasts a hash rate exceeding 1.3 Petahash per second (PH/s) and a total mining difficulty surpassing 18.9 million.

As a crypto investor, I’m confident about the potential growth of Dogecoin due to its significant liquidity on leading Web3 platforms. In the short term, I anticipate a positive price surge for this digital coin.

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2024-10-14 17:38