Crypto: Dogecoin Explodes With 1.93 Million Transactions, But The Price Remains Stalled!

The crypto market is usually characterized by sudden and unpredictable fluctuations. However, some attract more attention, especially when it concerns assets like Dogecoin. Initially considered a mere “meme” crypto, Dogecoin has gradually made its place among the major players in the sector. But after months of stagnation in terms of price and blockchain activity, a sudden resurgence of interest seems to be on the horizon. Last week, the daily transaction volume reached unprecedented peaks, which could well indicate a revival of enthusiasm for this crypto.

A sudden explosion of transactions on the Dogecoin blockchain

Last week, Dogecoin recorded a significant increase in its daily transactions, with 1.93 million volumes. This figure represents an increase of over 100% compared to the previous week, making it the most active week since July 2024. Such a surge in this crypto comes after nine consecutive weeks of low activity on the blockchain. “This resurgence of activity is a breath of fresh air for the Dogecoin community, after several months of lethargy,” notes a report from IntoTheBlock. Indeed, since March, the Dogecoin network had seen its activity dwindle, with volumes well below its historical peaks.

The surge in these transactions coincides with an attempt to stabilize the Dogecoin price around $0.104. Despite this surge in network activity, the DOGE price has yet to show clear signs of progress. The resistance at $0.104 seems to be a major stumbling block for investors. Analysts believe that overcoming this barrier could pave the way for a new bullish trend, but this level remains difficult to surpass for now. In the short term, markets are closely watching whether this increased activity will translate into a sustainable rise in price.

What are the stakes for the future of Dogecoin?

Despite the increase in transactions, Dogecoin remains below its past performance levels, particularly during February and March 2024, when the blockchain regularly processed more than 10 million transactions per week. Although the current rise is significant, it has not yet reached previous highs. Moreover, the resistance around $0.104 is an additional obstacle, as approximately 23,400 addresses still hold DOGE at a loss, and a rise to this level could trigger massive sales. This would hinder a bullish momentum.

The future of Dogecoin will largely depend on its ability to maintain this momentum. If blockchain activity continues to increase, it would signal renewed interest from investors, especially those attracted to low-priced assets. However, technical obstacles and psychological resistances remain significant challenges to overcome.

In sum, the recent increase in transactions on the Dogecoin blockchain could mark the beginning of a new chapter for the crypto. However, several factors, such as resistances at $0.104 and $0.110, as well as the fragility of investor sentiment, suggest that this rise could be short-lived.