The post Dogecoin Bulls Struggle Despite a Spike in TPS, Where DOGE Price is Heading Next? appeared first on Coinpedia Fintech News
Amid the rise of new meme coins in the past few weeks, the king of meme coins Dogecoin (DOGE) consolidated between $0.069 and $0.096. The Dogecoin community has, as a result, been waiting for Elon Musk to tweet a positive message for the dog-themed meme coin. During this year’s Mother’s Day, Musk joked about how he gifted his mother some Dogecoins. Nevertheless, the bulls were not overly rejuvenated as the meme coin was up about 1.6 percent during the early London market on Monday to trade around $0.073334.
Dogecoin (DOGE) On-Chain Transactions Spikes
Due to the huge adoption of Dogecoin’s DRC20 standard ordinals, similar to the ERC-20 on the Ethereum network, the overall effect has been a sharp uptick in transaction volume. According to market aggregate data provided by Bitinfocharts, Dogecoin’s on-chain transactions per day began rising from the daily average earlier last week. Interestingly, Dogecoin’s transactions per day spiked in the subsequent days to outperform Litecoin and briefly Bitcoin.
At one time, Dogecoin’s daily transactions totalled 628k, outperforming both Litecoin and Bitcoin.
A rise in Dogecoin’s transactions per day is an indication there is increased demand for the meme lord. A spike in demand is largely followed by a price rally. According to a popular crypto analyst on TradingView, MMBTtrader with more than 39k followers, the Dogecoin price is about to rally towards last October’s high.
However, Dogecoin’s price is under the influence of a weekly death-cross, involving the 50 and 200 MAs, similar to that of Bitcoin. As a result, the meme lord could continue to cave into the bear pressure in the short term.
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