DOGE To The Moon: Dogecoin beats Cardano and XRP in this important metric

Dogecoin (DOGE) has come out on top over Cardano and XRP following a recent development that highlights the growth of each token. This could have a positive impact on the price of the meme coin soon enough, considering how much crypto users seem to be investing in the crypto token.

Dogecoin experiences the second largest network growth

Facts of the market information platform Santiment shows that Dogecoin has experienced the second largest network growth in the past six months. Currently, 6.6 million wallets are said to hold the meme coin, representing a growth of 27% over this period. DOGE is left alone Ton coin (TON)which has recorded a 110% growth over the past six months, with 16,800 wallets holding the crypto token.

Dogecoin 1
Source: Santiment

Meanwhile, Dogecoin topped other major crypto tokens, with XRP and Cardano posting network growth of 7% and 0% respectively. The meme coin also surpassed the major crypto tokens, Bitcoin and etherwhich have grown by 10% and 11% respectively over the past six months.

Dogecoin’s network growth is expected to positively reflect on DOGE’s price as many crypto users adopt the meme coin. This will likely cause significant price increases for Dogecoin as these investors continue to accumulate the crypto token. The increased interest in Dogecoin is not surprising, as meme coins are one of the leading stories this bull run.

Therefore, these investors are likely positioning themselves with DOGE, as the main meme coin, which is expected to benefit greatly from the meme coin hype. DOGE has achieved a year-to-date (YTD) performance of over 77% to date, but appears far from reaching its full potential, with crypto analysts like Ali Martinez predict that it can be as much as $1 in this market cycle.

Dogecoin’s fundamentals are also as bullish as ever, now that the meme coin is set gain more utility. Automotive company Tesla recently integrated DOGE payments to purchase specific merchandise on its website. In the meantime, stay there rumors that Dogecoin will likely be integrated into X payments due to Elon Musk’s fondness for the meme coin.

DOGE’s outlook on the chart is bullish

Crypto analyst Kevin Capital (formerly Yomi OG) recently provided a bullish outlook for Dogecoin from a technical analysis perspective. He revealed in a X message that Dogecoin is about to receive a 2-month MACD (moving average convergence/divergence) turning to the positive side for the second time in history.

Dogecoin 2
Source: Santiment

The crypto analyst said that the last time this happened, Dogecoin started a “massive bull market to $0.74.” This raises the possibility that the meme coin will rise even higher this time. Meanwhile, DOGE seems headed to $0.22 as Kevin Capital revealed that the crypto token from a head and shoulders patternwhich could cause it to rise to this price level.

Dogecoin price chart from Tradingview.com
DOGE price rises towards $0.16 | Source: DOGEUSDT on Tradingview.com

Featured image of Dall.E, chart from Tradingview.com

Leave a Comment