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- Dogecoin transaction activity is surging, reaching a 3-month high, signaling renewed interest despite recent price drops.
- Analysts predict a potential 461% price surge for DOGE if buying pressure breaks its current pattern.
According to recent data from IntoTheBlock, an AI-powered financial services platform, Dogecoin (DOGE) is experiencing a surge in network activity, with 1.93 million transactions processed last week, the highest since early July.
This contrasts with the previous market condition when DOGE struggled below $0.100, as discussed in a CNF post earlier this month. The increase signals renewed interest in the meme coin, despite its price dropping by nearly 20% over the past 90 days.
While transaction levels are rising, they remain lower than the peak earlier this year, suggesting that a rally toward DOGE’s yearly high of $0.22 may not happen soon.
User activity is also increasing, with 53,900 active addresses last week, the highest since mid-August. This growing engagement could drive more transactions, potentially boosting DOGE’s price. Notably, some analysts predict Dogecoin could lead the market into another altcoin season, drawing parallels to similar trends in 2021.
Price Predictions: A Promising Future
Currently trading at $0.1024, Dogecoin is following a descending triangle pattern that has historically led to significant price increases. With a 1.24% increase in the past day and 1.03% over the past week, it’s predicted that if buying pressure grows, DOGE could break out of this pattern, potentially seeing a 461% increase, pushing its price to $0.56.
While some analysts suggest a major rally could take time, others expect the coin to remain stable for several months.