Dogecoin On-Chain Activity Nears 6-Month High. $1 DOGE Price Target Confirmed

Major cryptocurrency Dogecoin (DOGE) is looking to revive its fortunes amid a sudden surge in on-chain activity. The 8th largest cryptocurrency by market capitalization has been steadily regaining lost ground in the last couple of weeks, following a major downturn in proceedings in the cryptocurrency markets in general and DOGE in particular. DOGE is the world’s first meme coin and one of the oldest digital currencies, dating back to 2014. It started as a joke as the founder, Billy Markus, copied Bitcoin’s code to start a network but changed the font to Comic Sans, which is used in the popular Shiba dog meme. But, with time, the meme coin sector started to attract major attention in the crypto community, peaking during the 2020-2021 bull market when the digital currency rose a spectacular 600000% in just a few months, leaving crypto traders in awe. DOGE’s incredible success powered a massive foray into the meme coin economy that still sees dozens of new tokens released daily. However, DOGE’s major exploits during the 2020-2021 bull market haven’t been replicated in the 2024-2025 edition. The cryptocurrency has yet to come close to the $0.7 All-Time High price point, and if it fails to do so, a major rally will remain elusive. On-chain Activity Surge Nevertheless, a recent surge in the cryptocurrency network’s on-chain activity may spark the bullish forces. According to popular X influencer Ali Martinez, over 280,000 active addresses have been witnessed in the last couple of days, showing strong improvement in on-chain activity. The flurry of blockchain network undertakings is now reaching new six-month highs. Here is the graph shared by Martinez: Image Source: X Price Trend Here is the graph of DOGE from the last couple of months or so: The coin is trading around $0.224, up from $0.17 just a week ago. According to top analysts, a major boost is needed in the ensuing months if the $1 price target is to be realized in the coming months. Analysts are confident that the $1 goal is achievable, and the meme coin economy’s continued short-term exploits mean that the joke token sector is here to stay. However, a move similar to 2020-2021 may not be expected. Overall, DOGE is scheduled to cement itself among the Top Ten cryptocurrencies during this bull market.

Source: ZyCrypto