Dogecoin has encountered several market changes including a significant price decline and a sharp rise in network activity.
Dogecoin Price Drop and Large Transaction
Dogecoin's price fell below $0.20 in February and remains at $0.1754, down 4% over the last 24 hours. A massive transaction involving 360 million Dogecoin tokens (approximately $62.67 million) was recorded, moved from an unknown wallet to Binance. Such movements typically indicate potential selling, which can enhance price pressure.
Sharp Increase in Network Active Addresses
Dogecoin witnessed a significant surge in network activity, with active wallet usage increasing by 270% within a day. Active addresses rose from 71,750 to 264,000, indicating growing interest in the asset. However, this increase in network activity did not translate into a price rise. The price remained at $0.193 after a downward movement.
Historical Dogecoin Price Patterns
Historical analysis of Dogecoin's price movements reveals patterns of declines followed by strong upward trends. Since October 2022, Dogecoin has experienced three major corrections. Although the current correction continues, historical data suggests a potential future increase. Analysts predict a possible price rise if the support level is maintained.
Despite current challenges, Dogecoin retains growth potential as evidenced by historical data and recent changes in network activity.
