With 9.52 million active addresses, Dogecoin (DOGE) has achieved a significant milestone. This spike in activity comes after a significant price increase in the previous month, which stoked new rumors that DOGE might hit $1.
Data from Santiment reveals a dramatic increase in active users compared to late October when the count was under 1 million. Active addresses reflect the number of unique users interacting on the network, highlighting adoption and user engagement. Although the increased activity indicates growing interest, DOGE’s price has not yet experienced sustained upward momentum as a result of it.
Dogecoin’s value reached $0.48 on December 5th, when its trading volume reached a height of $15 billion. But since then, the volume has decreased to $6.6 billion, suggesting that market interest is diminishing. DOGE is currently trading at $0.45 and is having difficulty continuing its upward trajectory.
A possible bearish trend is indicated by DOGE’s technical decline below its 20-period Exponential Moving Average (EMA). Analysts predict that the price may continue to decline to $0.42 if the current pattern persists. However, if the coin breaks above the EMA, it could retest $0.48 and aim closer to $1.
Despite the record-breaking user activity, DOGE faces challenges in sustaining its momentum. For now, the meme coin’s path to $1 remains uncertain, with market dynamics and technical indicators suggesting mixed outcomes.
