Dogecoin (DOGE) emerges victorious against Cardano and XRP in a significant measure showcasing the growth of each digital asset. This development could potentially impact the value of the meme coin positively in the near future, as there is a growing interest in this cryptocurrency among users.
Dogecoin Network Expansion Ranks Second
Recent data from Santiment reveals that Dogecoin has seen the second-largest increase in its network over the last six months. The meme coin now boasts a staggering 6.6 million wallets, marking a 27% growth in that period. Dogecoin’s growth is exceeded only by Toncoin (TON), which witnessed a substantial 110% rise with 16,800 wallets holding the digital asset.
Comparatively, Dogecoin has outperformed other major cryptocurrencies like XRP and Cardano, with network growth rates of 7% and 0%, respectively. Furthermore, Dogecoin has surpassed leading cryptos Bitcoin and Ethereum, which experienced 10% and 11% growth over the same period.
The increasing adoption of Dogecoin within the crypto community is expected to have a positive impact on its price. This influx of investors could drive substantial price hikes for Dogecoin as more individuals acquire the digital asset. The current surge in interest in Dogecoin aligns with the prevailing trend of meme coins during this bullish market phase.
Investors are likely positioning themselves with Dogecoin, the premier meme coin renowned for its potential to capitalize on the meme coin frenzy. With a year-to-date growth of over 77%, Dogecoin is poised for further gains, with projections from experts like Ali Martinez suggesting a rise to $1 during this market cycle.
Additionally, Dogecoin’s fundamentals remain strong, with the meme coin expected to gain increased utility. Tesla’s recent inclusion of DOGE payments for certain products on its platform and potential integration into SpaceX payments due to Elon Musk’s affinity for the meme coin signal a positive outlook.
DOGE’s Promising Technical Analysis
Crypto analyst Kevin Capital provided an optimistic technical analysis for Dogecoin’s future. In a recent post, Kevin highlighted that Dogecoin is on the verge of a 2-month MACD cross to the upside, a rare event in the coin’s history.
The previous occurrence of this event led to a significant bullish trend in Dogecoin’s value, reaching $0.74. This trend suggests a possibility of even higher gains this time. Meanwhile, the technical analysis indicates that Dogecoin could reach $0.22 as it breaks out of a head and shoulders pattern.
