Can DogeCoin [DOGE]The increase in network activity means something for its price

In the last two months, the popular meme coin, Dogecoin [DOGE]recorded a 256% increase in the number of unique addresses exchanging the Elon-backed coin daily, according to the latest data.

The increase represented a spike from 14,000 addresses to 38,000 new addresses per day within the two-month period under review. However, there was growth in daily active DOGE addresses despite a continued drop in price. How has this coin fared in the last two months?

A small price to pay?

In the two-month window under review, the price of the meme coin fell by 19%. On May 30, the DOGE coin price was $0.08. As the bears poked into the cryptocurrency market, the price of the coin steadily declined to settle at $0.07 at the time of writing. With a bullish pullback underway in the market since the beginning of July, the coin has seen 16% price growth over the last 29 days.

The coin’s trading volume fell in the 60-day period under review. Within that time, DOGE posted an 8% decline in its trading volume. This stood at 618.43 million at press time, down 18.54% in the last 24 hours.

Additionally, at $9.32 billion and currently ranked number ten on CoinMarketCap’s ranking of crypto assets with the largest market capitalization, DOGE’s market capitalization decreased by 25%. Two months ago, the market capitalization of the meme coin was $11.65 billion.

On a 24-hour chart, the meme coin recorded a price growth of 0.12%. Interestingly, the coin has seen an increase in buying pressure in the last two days. Seen in an uptrend, the coin’s Relative Strength Index (RSI) was 55.92 at press time. Similarly, heading into the overbought position, the coin’s Money Flow Index (MFI) was pegged at 70.51 at the time of writing.

Source: TradingView

chain performance

Despite the impressive growth in daily active addresses transacting with DOGE in the two-month period under review, data from Santimento revealed a significant decrease in the total number of DOGE tokens across all completed transactions within that period. At 255.77 million at press time, this metric has dropped by more than 200% in the last 60 days. Represented in USD, it decreased from $81.1 million to $14.29 million.

Source: Sentiment

Over the past two months, the coin’s social dominance peaked at 12.88% on June 16. At 3.24% at press time, this metric saw a 74% decline since June 16. The social volume of the coin also marked a high of 8,561 on June 19. Pegged at 617 at the time of writing, the coin’s social volume is down 92%.

On a development front, the currency recorded a respite. This grew by 152% in the period under review.

Source: Sentiment

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