127,570 Active DOGE Addresses Onchain: Catalyst For $1 Dogecoin Price Breakout?

Key Insights:

• Dogecoin active addresses have jumped as the bull market is favoring adoption and Dogecoin price action.
• DOGE price is positioned to be the biggest beneficiary of the address surge.
• BTC and DOGE correlation might help strong recovery for the coin.

Dogecoin (DOGE) has recorded significant on-chain activity in the last 48 hours. Notably, DOGE price experienced an upward climb amid bullish ecosystem sentiment, and the number of active addresses suggests that the meme coin could soar further.

Dogecoin’s On-Chain Activity Spikes Amid Market Optimism

According to Ali Martinez, a renowned on-chain analyst in the crypto space, the Dogecoin network witnessed an over 150% surge in active addresses.

Dogecoin’s active addresses, as illustrated by Ali, fluctuate around 127,570 levels. However, the ecosystem recently recorded a massive spike, possibly triggered by the price performance of DOGE.

This surge in active addresses is significant considering the broader cryptocurrency market performance within this time frame.

The high activity level on the Dogecoin ecosystem has sparked a buzz as it signals increased user interest. That is, more traders are interacting with DOGE.

Some market participants and analysts consider this sudden uptick a bullish signal and indicate a growing market attention.

The massive wave of on-chain activity might catalyze upward price movement, but in the volatile crypto world, whether the momentum will stay high remains unknown.

However, traders are actively stepping up to buy, as seen in the volume during earlier trading sessions.

Bitcoin’s Role and Dogecoin Price Correlation Factor

Some analysts have opined that DOGE’s next move might depend on the path of Bitcoin (BTC), the leading digital asset.

Historically, DOGE and BTC have shown a positive correlation. When the price of Bitcoin rises or falls, Dogecoin tends to mirror its movement.

Although the magnitude differs due to Dogecoin’s higher volatility, a notable pattern exists between the two coins.

Hence, in the current rally, if Bitcoin continues on an upward move, Dogecoin’s tendency to maintain its bullish outlook remains high.

However, if Bitcoin suffers a market correction and dips by 10%, this could negatively impact DOGE. Such a dip in BTC could trigger a 20%—30% decline in Dogecoin’s price.

While this correlation suggests that Bitcoin’s trajectory heavily influences Dogecoin’s price, other factors could overrule this.

For instance, the current spike in network activity involving increased active addresses might provide Dogecoin with short-term resilience.

It could also help strengthen DOGE’s performance if Bitcoin moves in the upward direction.

Can Dogecoin Price Hit $1?

As of this writing, the DOGE price was $0.2349, reflecting a 1.99% decline in the last 24 hours.

While there has been a drop from a previous peak of $0.2468, the memecoin has managed to stay above $0.2287, with which it opened trading.

Despite the spike in active addresses, Dogecoin’s price chart has not mirrored the staggering surge. This is despite speculations that DOGE could ride on a bullish rally to $1.

Although anything is possible in the crypto world, Dogecoin needs to grow from its current price level by over 300% to reach $1.

Currently, DOGE is facing resistance at $0.24. For the memecoin to continue its upward journey, it has to break several resistance levels, including $0.24 and $0.30, before testing $0.50.

If it succeeds in this move, it could trigger a breakout that might spark a bullish run.

Dogecoin’s technical analysis shows that it is unlikely to hit $1 in the short term.

In an optimistic scenario backed by a very bullish market supported by increased adoption, DOGE could hit $1 sometime around 2027 or 2028.

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