DOGE to the Moon: Dogecoin Surpasses Cardano And XRP in Key Metric
Dogecoin has outperformed Cardano and XRP after a recent development showcasing the growth of each token. This positive development could potentially impact the price of the meme coin in the near future, given the significant interest from the crypto community.
Experience the Explosive Growth of Dogecoin, Now the Second Largest Network
Data from the market intelligence platform Santiment indicates that Dogecoin has witnessed the second-largest network growth in the last six months. Currently, approximately 6.6 million wallets hold the meme coin, reflecting a 27% growth during this period. The only token ahead of DOGE in terms of growth is Toncoin (TON), which has seen a 110% increase in the number of wallets holding the crypto token, totaling 16,800.
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Furthermore, Dogecoin has surpassed other major cap crypto tokens, with XRP and Cardano experiencing 7% and 0% network growth, respectively. Additionally, it has exceeded the leading crypto tokens, Bitcoin and Ethereum, which have grown by 10% and 11% in the last six months, respectively.
The notable growth in Dogecoin’s network is expected to have a positive impact on its price, as many crypto users are embracing the meme coin. This surge in interest is likely to lead to significant price increases for Dogecoin as more investors continue to accumulate the crypto token. The growing interest in Dogecoin is not surprising, as meme coins have been a prominent narrative during this bull run.
Consequently, investors are likely positioning themselves with DOGE, the leading meme coin that is anticipated to benefit greatly from the meme coin hype. Dogecoin has seen a year-to-date (YTD) increase of over 77% so far, but it appears to have not yet reached its full potential, as some crypto analysts, like Ali Martinez, predict that it could reach $1 in this market cycle.
Additionally, Dogecoin’s fundamentals remain strong, with the meme coin set to gain more utility. Tesla recently incorporated DOGE payments for specific merchandise on its website, and there are ongoing speculations about the potential integration of Dogecoin into X payments due to Elon Musk’s affinity for the meme coin.
The Chart for DOGE is Showing a Bullish Outlook
From a technical analysis perspective, crypto analyst Kevin Capital (formerly Yomi OG) has presented a bullish outlook for Dogecoin. He shared in a recent post that Dogecoin is on the verge of experiencing a 2-month MACD (Moving Average Convergence/Divergence) cross to the upside for the second time in history.
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The analyst noted that the last time this occurred, Dogecoin initiated a “massive bull market to $0.74,” indicating the possibility of the meme coin reaching even higher levels this time. In the meantime, DOGE seems to be heading towards $0.22 as Kevin Capital mentioned that the crypto token is breaking out of a head and shoulders pattern, potentially propelling it to this price level.
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