Cryptocurrency analyst and trader known on social media platform currency.
Meanwhile, Dogecoin has reached a new milestone related to an important metric of its utility (transaction count) and a top DOGE developer has offered his insight into what’s happening.
Dogecoin may double its price, says analyst
Ali stated that currently, the original meme coin has faced a major barrier on the weekly chart as DOGE is stuck at $0.087. This crucial level on the chart is where the 0.786 Fibonacci level and the 100 and 200 week EMAs met and formed an obstacle for DOGE that is difficult to overcome.
Ali believes that once the popular meme cryptocurrency breaks this barrier, it may have the opportunity to “almost double its price” and aim for a high of $0.14.
#Dogecoin | On the weekly chart, $DOGE is facing a major hurdle at $0.087. This crucial level is marked by the convergence of the 0.786 Fibonacci level and the 100 and 200 week EMAs.
Overcoming this barrier could open the doors for #DOGE to almost double its price,… pic.twitter.com/ALOUDuwKAy
– Ali (@ali_charts) November 28, 2023
DOGE transaction count hits new high
Prominent Dogecoin developer and community influencer @mishaboar has taken to platform
On Friday, DOGE’s overall transaction count surpassed roughly the one million level and surpassed the Bitcoin and Ethereum chains in this metric. Now, Mishaboar has reported that this crucial metric has reached a new major high of almost 1.5 million transactions in the span of the last 24 hours.
The promoter, however, believes that most of this huge traffic was due to very small transfers; Many users are taking advantage of the Dogecoin network as it generously offers low fees and dust limits.
Almost 1.5 million transactions on the #Dogecoin network in the last 24 hours. Most of the traffic is connected to dust (very small transactions that take advantage of Dogecoin’s low fees and dust limits).
Please note that the Dogecoin network is progressing very well and you can… pic.twitter.com/ArDsOLEgcm
– Mishaboar (@mishaboar) November 28, 2023
Mishaboar reminded the Dogecoin user community that the network works perfectly, without congestion, and that users can add additional fees for faster transactions. These fees will remain low compared to those on the Bitcoin and Ethereum chains.
The only negative thing about this massive increase in transactions is that the blockchain increases in a short period of time and this, in return, forces operators to put more resources into their nodes. This can be costly for those operators who run their nodes with reputable host providers.
As for the first increase in transactions for DOGE, Ali believes that it was due to the growing interest of whales and financial institutions in Dogecoin. DOGE co-founder Billy Markus tweeted that the influx of traffic was caused by people transferring Dogecoin Ordinals (Dogedinals) and DRC-20-based coins at low fees.
DOGE surpasses BTC and ADA in an important metric
Earlier this week, U.Today reported that the number of new Dogecoin wallets had begun to increase, while the same metric for Bitcoin began to flatten and has been declining for ADA wallets.
This data was shared by the prominent on-chain data aggregator Santiment. Notably, the staggering 51.9 million Bitcoin wallets have seen growth of just 0.25% over the past four days, according to the Santiment report.
The number of 4.46 ADA wallets has decreased by 0.59% in the last 10 days. The number of Dogecoin wallets alone has increased from 5.39 million to 2.52% in recent days.
In the last 24 hours, the original meme coin, DOGE, has seen a growth of 5.41%, reaching the level of $0.0811.
