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DOGE was one of the top memecoins in terms of social activity BabydogeSwap launched its new USDT/DOGE farm Dogecoin [DOGE] recently made it to the news as it ranked second in the list of top meme coins in terms of social activity as per LunarCrush. This development demonstrates the memecoins’ popularity in the crypto industry […]
What metrics suggest
A part of the credit for this price hike also goes to Elon Musk, who again helped DOGE’s price move up by making aThe last few weeks for DOGE looked pretty promising, as several on-chain metrics aligned with investors’ interests.’s MVRV Ratio went up, which is a positive signal for the memecoin. Moreover, DOGE’s Binance funding rate also registered an increase, reflecting higher interest from the derivatives market.
Dogecoin’s daily active addresses were also consistent over the last week, which is a positive signal. However,Source: Santiment’s daily chart gave a somewhat ambiguous notion, as a few indicators were in support of a price surge while the others suggested otherwise. The Exponential Moving Average Ribbon revealed that the bulls still had an advantage in the market as the 20-day EMA was above the 55-day EMA, but the possibility of a bearish crossover still remained.
The MACD’s reading revealed that the bears were leading the market. The CMF took a sideways path and was resting just below the neutral mark. Considering all the metrics and market indicators, there are possibilities of a further surge, but nothing can be said with certainty. Therefore, investors should be cautious before making a call on DOGE.Subscribe to get it daily in your inbox.