Dogecoin (DOGE) Surges with 280K New Addresses: A Potential Buy Signal for Crypto Traders?

• Dogecoin (DOGE) sees a surge in new demand with 28,000 new addresses created in a single day.
• Despite the increased demand, DOGE’s price has seen only a minor appreciation.
• DOGE’s Market Value to Realized Value (MVRV) ratio suggests a potential buying opportunity.

With a surge in new demand and a potential buying signal from its MVRV ratio, is now the time to invest in Dogecoin?

DOGE Sees Spike in New Demand

According to data from IntoTheBlock, the popular memecoin, Dogecoin (DOGE), has seen a significant increase in new demand. On May 2nd, 28,000 new addresses were created for trading DOGE, marking a 102% increase from the monthly low set on April 29th. This surge in new demand has also led to an increase in the daily count of addresses involved in DOGE transactions, with a 27% hike recorded over the past week.

DOGE Price Fails to Match Demand

Typically, an increase in network activity is a precursor to a price rally. However, this has not been the case for DOGE. Despite the sustained demand over the past week, DOGE’s price has seen only a minor appreciation. At the time of writing, DOGE was trading at $0.15, with a weekly price appreciation of just 2%. This minor price rally mirrors the general market decline seen over the past week, which pushed the cryptocurrency market’s capitalization below $2.3 trill... Read the full article for FREE at COINOTAG!