DOGE, the largest meme coin in the market, hasn’t done well so far. At the time of analysis, the 11th largest cryptocurrency by market capitalization is trading 20% below its November 1st high.
However, the status of the DOGE indicators has recently been redefined. So does that mean prices will go up in the coming weeks?
DOGE 4-Hour Price Chart | Source: Tradingview
DOGE expects a natural rally
Messari data has revealed a pretty intriguing trend in terms of Network Value to Transaction (NVT) ratio for DOGE. Put simply, this metric measures the relationship between market capitalization and transfer volume.
Whenever the NVT is high, this indicates that the network value is greater than the value transmitted in the network.
DOGE-adjusted NVT | The source: Messari
This indicator usually does not have an immediate impact on the altcoin valuation as it only represents a “valid” growth phase. However, the story will be different in the long run.
The performance of the ETH in the last few months proves this claim.
In terms of benefits, DOGE is of course not the same as ETH, but incremental NVT speaks for itself. After the recent upgrade, DOGE’s development looks pretty strong. It is unexpected that the coin meme is now having good development activity and DOGE continues to amaze its followers.
Even the statistics on DOGE ownership are pretty stable at this point. Although the price is not really good, the HODLer has not left the market yet – a vote of confidence.
Number of owners (from 1 year) | The source: IntoTheBlock
In addition, the number of short-term attendees has increased over the past few weeks, suggesting that there is a lot we can do in the coming days. Miners’ drains are also decreasing, wiping out the possibility of a massive sell-off unless the whales act.
So if the current state of the DOGE market holds it can be said that the price will of course go up. It should be noted, however, that DOGE is a meme coin and, based on its past actions, cannot say with absolute certainty.
A step in the right direction
Recently DOGE notification has partnered with TeamSeas to clean up 15 tons of litter in the ocean.
“Get DOGE and send it from your Dogecoin wallet to the official TeamSeas Dogecoin address … With 1 donated DOGE we can clean 450 grams of rubbish in the oceans.”
The source: Dogecoin.com
At the time of writing, the address has raised over 120,000 DOGE. The initiative was welcomed by the population and is likely to increase demand, especially if it attracts attention. Accordingly, the DOGE price can soon go “to the moon”.
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At home at home
According to AMBCrypto