Amid an underwhelming price action, canine-themed meme coin Dogecoin (DOGE) is now seeing a rise in one of its key metrics.
Dogecoin (CRYPTO: DOGE) price action remained largely dull this week, with the meme coin trading sideways within a narrow range. However, one key metric for Dogecoin has seen a significant rise.
On-chain data from IntoTheBlock shows that the Dogecoin network has been seeing consistently high usage in recent days. The coin processed nearly 2 million transactions — its highest weekly transaction count since early July.
This uptick in Dogecoin transactions is sometimes seen before major price movements. So, the big question now is, could a huge DOGE price breakout be next?
Dogecoin Usage Explodes
According to data from blockchain intelligence platform IntoTheBlock, Dogecoin processed 1.93 million transactions in the past week alone. This number is significantly higher than the weekly transaction count observed in recent weeks.
For comparison, Dogecoin processed an average of around 1 million transactions per week in October and November. The last time Dogecoin saw a higher weekly transaction count was in early July, when the meme coin processed around 2.2 million transactions.
A surge in transaction volume is particularly noteworthy, as it suggests that more users are engaging with the Dogecoin protocol. This engagement is crucial for the growth and health of the network, especially considering that Dogecoin continues to maintain its position as the leading meme coin in the market.
Dogecoin Mirrors Fractal From 2021
In addition to the rising transaction count, some favorable technical observations are also emerging for Dogecoin.
Renowned investor Ted recently highlighted that the crypto token is currently forming a bullish fractal setup, which was initially observed in 2021. A market fractal is a historically repetitive pattern that traders use to identify trend reversals in charts.
According to Ted, the pattern suggests that DOGE could be preparing for a strong upswing after a period of consolidation. The analysis shows a potential "bull flag" formation, which typically occurs when a downtrend pauses and the price begins to consolidate within a narrowing range.
The箭头Fractaltechially indicates that DOGE could be setting up for a renewed rally after a tumultuous period, which, according to Ted, would usher in a “face-melting all season.”
As per the analyst, a parabolic DOGE upsurge has typically set off an altcoin season, as seen in 2020-2021, as well as in Q4 2023.
Dogecoin price is down by 0.9% in the past 24 hours as of publication time, currently trading at $0.1017.
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