Dogecoin on-chain transactions spike; Will DOGE hit $0.1?

Numerous cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), have been methodically exploring and challenging new resistance levels during the ongoing market rally.

In contrast, Dogecoin (DOGE) has displayed a remarkable and nearly uninterrupted upward trajectory in previous days. In recent days, DOGE’s on-chain transactions experienced notable growth, soaring by $665 million in transaction volume, its highest level in 3 months. 

Additionally, there is also a notable amount of DOGE long-openings as investors bet on prices rising, as reported by blockchain and cryptocurrency behavior analysis platform Santiment in an X post on November 17.

The platform also highlights that DOGE shows breakout potential as its on-chain transactions spiked, fueled by an increased funding rate on Binance.

Will DOGE hit $0.1?

At the time of press, DOGE is trading at levels set at $0.09, which represents a 10.22% positive increase in the 24-hour period, which has followed a 17.40% increase over the 7-day period, coupled with impressive gains in the value of 47.11% in the previous 30-day span.

This value increase comes from solid indicators in the same period, where it has had 20 green days in the previous 30 days and is trading above the 200-day moving average simultaneously.

However, it is essential to note that it is being outperformed by 59% of the top 100 crypto assets over a span of a year and is still down -88% from its all-time high.

Despite these, the current trend shows promising signals regarding reaching the $0.10 milestone, which would mean a return to value it hasn’t experienced in almost a year.

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