‘Something Is Brewing’ for Dogecoin (DOGE) as Network Activity Explodes

Meme coin momentum has far evaporated from the peaks of a couple of weeks ago, even though there are some that are still making waves. However, most turn out to be owned by a few wallets that later dump on unsuspecting investors.

The situation with the leader of this niche is quite interesting. It continues to be a major cryptocurrency with a multi-billion-dollar market cap, but it has fallen out of investors’ grace as interest in it has diminished. Or has it?

Something Is Brewing

Popular crypto analyst Ali Martinez, citing data from Glassnode, indicated earlier today that the network activity on Dogecoin has risen by almost 50,000 active addresses. The chart below demonstrates the rapid increase at the end of June and early July, going from under 40,000 to the aforementioned number.

Martinez noted that ‘something is brewing’ for DOGE just a day after he posted that the TD Sequential metric had flashed a major buy signal for the asset. The OG meme coin is up by 3% weekly, but it has slipped by 11% in the past month alongside most of the crypto market. However, the TD Sequential and the growing network activity could be the beginning of something more lasting.

Anyone Still Cares?

Fellow analyst Daan Crypto Trades also weighed in on DOGE’s price moves and admitted that “no one really cares about this coin right now.” However, he said he is still watching it closely, especially if it heads toward its long-term support area within the $0.05 range.

He added that other crypto assets will perform better in this (or the next) cycle, but DOGE is “still one that tends to be reliable for a decent bounce once a bear market bottom is set.”

Meanwhile, Celal Kucuker was a lot more bullish, indicating that DOGE has “one of the cleanest charts in crypto.” The analyst predicted that the meme coin could explode to $1.00, representing a new all-time high, since it couldn’t reach those levels during the Musk-led 2021 hype cycle.

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