The leading memecoin in the crypto market, Dogecoin (DOGE), saw a significant surge in new demand, with 28,000 new addresses created for trading on May 2nd. This marked a 102% increase from the lowest point in new demand on April 29th.

Amidst market volatility, DOGE experienced a rise in network activity, with the number of daily active addresses involved in transactions increasing by 27% over the past week. Despite this, the price of DOGE did not see substantial gains, trading at $0.15 with a 2% price increase over the week.

Although increased network activity typically precedes a price surge, DOGE's demand has not resulted in significant price gains, aligning with the broader market decline observed during this period. The recent price hike over the last 24 hours does suggest a bullish sentiment among investors, with the weighted sentiment metric for DOGE positioned to breach its center line on an upward trend.

DOGE's Market Value to Realized Value (MVRV) ratio is currently signaling a buying opportunity, with the ratio at a negative value of -12.83% indicating that the asset is undervalued. Traders often interpret a negative MVRV ratio as a signal to "buy the dip" in anticipation of a potential price rally.

It is essential to note that this article is for informational purposes only and should not be construed as financial or investment advice.