The Dogecoin network has shown a significant increase in activity with a rise in active addresses, which, however, has not led to changes in price.
Dogecoin Activity Growth
Over the past months, the Dogecoin network has seen a 47% increase in active addresses, rising from 110,000 to 163,000. Despite this, the coin's price remained stable at $0.1659, with a slight fluctuation of 0.2% over the last 24 hours.
Dogecoin Price Stability
The sharp rise in active addresses suggests increased user engagement in the Dogecoin ecosystem. However, despite the rise in activity, DOGE's price has not experienced significant changes. Over the last 24 hours, its price fluctuated tightly between $0.1656 and $0.1726, possibly suggesting insufficient buying pressure. If the current trend continues, Dogecoin might reach resistance at $0.18. Nonetheless, a slowdown in activity may bring the price back to its support level of $0.16.
Dogecoin Selling Pressure
In late October to mid-November, Dogecoin showed a significant price increase exceeding $0.50, followed by a downward movement. Since November, outflows have exceeded inflows, indicating profit-taking or redirection of investments into other assets.
Dogecoin's network is experiencing a growth in user activity, however, it has not yet been reflected in the price. While active addresses are increasing, the price remains stable, possibly indicating a temporary cooling of investor interest.
