Amid an overall market downturn, Dogecoin has seen its network activity flourishing, as DOGE has witnessed a 72% surge in new addresses in the first week of October. The figure clearly displays a token that has received a notable increase in interest and participation.
The development has certainly increased optimism among digital asset holders. Now only the network activity, but historical indicators are looking immensely positive for the token within October’s first week. However, the biggest question now is how much the network activity could propel DOGE throughout this month.
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DOGE Rally Imminent? Dogecoin Network ACtivity Growth Signals Impending Surge
Within the crypto market, Dogecoin is firmly situated at its peak. The asset has found a tremendous community that has fostered it to become one of the most prominent cryptocurrencies on the market. Entering October, that was certainly set to work to its benefit.
Amid a current market downturn, Dogecoin has increased more than 5.9% in the last 30 days, according to CoinMarketCap. However, it has fallen more than 11% in the last seven days to trade under the $0.11 mark currently. Yet, some recent network data could hint at a turnaround.
To start the month, crypto analyst Ali Martinez highlighted that Dogecoin’s new addresses surged 72%, with DOGE looking to benefit in October. In one day alone, the network saw more than 19,630 addresses created. Altogether, it points to a surge in activity for the meme coin.
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That could be set to turn into a surge in price. Just a day later, Martinez noted that Dogecoin was nearing a MACD bullish crossover. Moreover, DOGE’s previous MACD crossover resulted in rallies of 90% and 180%, respectively.
A similar development could see Dogecoin essentially double its price. While trading at $0.10 Thursday, it would be poised to surpass the $0.206 mark in the coming weeks. The asset could be set to enjoy the fruits of a perfect storm.
The network activity increase and its historically positive performance in October would be good signs for the asset. Yet, market sentiment could push it over the edge. If Bitcoin could turn around and rebound, Dogecoin could be one of the assets most affected.
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