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DOGE To The Moon: Dogecoin beats Cardano and XRP in this important parameter
Dogecoin (DOGE) got the better of Cardano and XRP following a recent development that highlighted the growth of each token. This could reflect positively on the meme coin price pretty soon, given how many cryptocurrency users seem to be invested in the crypto token.
Dogecoin experiences second largest network growth
Data from the Santiment market intelligence platform shows that Dogecoin has recorded the second largest growth on the network in the last six months. Currently, 6.6 million wallets are said to contain the meme coin, representing a growth of 27% over this period. DOGE is just behind Toncoin (TON)which has seen 110% growth over the past six months, with 16,800 wallets holding the crypto token.
Meanwhile, Dogecoin outpaced other larger-cap crypto tokens, with XRP and Cardano recording 7% and 0% network growth, respectively. The meme coin also outperformed major crypto tokens, Bitcoin and Ethereumgrew by 10% and 11% respectively in the last six months.
The growth of the Dogecoin network is expected to reflect positively on the price of DOGE as many cryptocurrency users are adopting the meme coin. This will likely trigger significant price increases for Dogecoin as these investors continue to accumulate the crypto token. The growing interest in Dogecoin is not surprising, given that meme coins are one of the main narratives this bull run.
Therefore, these investors are probably positioning themselves with DOGE, as the leading meme coin, which is expected to gain hugely from the meme coin hype. DOGE has so far enjoyed a year-to-date (YTD) return of more than 77%, but appears to be still far from reaching its full potential, with crypto analysts like Ali Martinez predicting it can go up to $1 in this market cycle.
Dogecoin fundamentals are also more bullish than ever, with the meme coin set to acquire greater utility. Tesla car company recently integrated DOGE pays to purchase specific merchandise on its website. In the meantime they continue to be there voices that Dogecoin will likely be integrated into X payments due to Elon Musk’s passion 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 post that Dogecoin is about to receive a 2-month MACD (Moving Average Convergence/Divergence) cross upwards for the second time in history.
The crypto analyst said that Dogecoin started a “huge bull market at $0.74” the last time this happened. This raises the possibility of the meme coin rising even higher this time. Meanwhile, DOGE appears headed for $0.22 like Kevin Capital revealed that the crypto token is coming out of a head and shoulders modelwhich could bring it to this price level.
Featured image from Dall.E, chart from Tradingview.com