Dogecoin Network Increases 528%: Will the Price Soon Rise to $0,40?

All eyes are on Bitcoin and Ethereum, but Dogecoin is also making waves at the moment. The number of active addresses on the Dogecoin blockchain has increased by a whopping 528%. This increase followed new steps towards the approval of a Dogecoin ETF in the United States. It seems that the market is reacting positively to this development.

Dogecoin Network Activity Skyrockets

The US financial regulator is in the process of approving a Dogecoin ETF. This has led to an explosion of activity on the memecoin’s blockchain. It seems that investors are also taking this as a good sign, as network activity has skyrocketed.

The question remains, however, whether investors are really eager to invest in a Dogecoin ETF. After all, DOGE is a financial asset with no clear fundamental basis. Dogecoin originally started as a joke and it is unlikely that it will ever outgrow that role. It is therefore highly unlikely that institutional investors will be willing to pay a single dollar for a Dogecoin ETF.

Interest in Dogecoin continues to grow

There is a huge interest in Dogecoin among retail investors and day traders. The big volatility of these coins offers the opportunity to make a quick profit – or loss. The current momentum is positive in any case. Not only has the activity on the blockchain increased significantly, the open interest on the futures market has also increased by 70% in the past week. This translates from $989 million to $1,65 billion.

A popular crypto analyst has indicated that Dogecoin has reached a major resistance at $0,24. He expects a short consolidation phase in the coming days, but predicts that if the price manages to break this resistance, Dogecoin can rise to $0,40.

So we can say that Dogecoin is looking to the future, with a potential that could surprise even the biggest skeptics.

Frequently Asked Questions

What led to the massive increase in active addresses on Dogecoin?
This increase is mainly due to new steps towards the approval of a Dogecoin ETF in the US, which has fueled interest in the memecoin.

Why is Dogecoin still popular among retail investors?
Dogecoin's volatility provides opportunities for investors to make quick profits, making it attractive to day traders and retail investors.

What is the outlook for Dogecoin now that the price has found resistance?
Analysts expect a short period of consolidation, but there is potential for a price rally to $0,40 if resistance at $0,24 is broken.