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**3 Key Dogecoin (DOGE) Metrics Show Price Rebound Coming**
As the crypto market continues to navigate the complexities of global events and regulatory changes, investors have been closely monitoring key metrics to determine the trajectory of various digital assets. In the case of Dogecoin (DOGE), three critical indicators are suggesting a potential rebound in price.
Firstly, it’s essential to note that DOGE’s daily transacting addresses have plummeted significantly since November 2024. When DOGE’s price reached $0.4284, the number of active addresses was at an all-time high of 1.49 million. However, this figure has dropped dramatically to a mere 73,334 as of late, with a corresponding decline in price.
This stark contrast might initially lead investors to believe that the DOGE market is in a state of despair. Nevertheless, it’s crucial to consider the bigger picture and look for signs of stability on-chain. Despite the significant decline in active addresses, DOGE has shown resilience by recording increased transaction volume over the past week. This shift towards more stable activity could be an early indication that DOGE might rebound.
Furthermore, a notable silence from whales has been observed recently, as their transactions have significantly decreased since November 2024. Whale activity is often seen as a significant driver of market sentiment and sentiment shifts can impact asset prices. It’s crucial to monitor whale transactions closely for signs of reentry or rebalancing, which could lead to a price increase.
Lastly, DOGE Open Interest has been steadily rising among investors betting on the cryptocurrency’s future performance. If this upward trend continues, there is a real possibility that market participants will push the price up as they hedge their positions.
In conclusion, based on these three key metrics, it appears that Dogecoin may be poised for a rebound in the short-term. A stabilization of transaction volume, potential reentry from whales, and rising Open Interest among investors suggest that DOGE could be due for an uptrend.
Source: u.today
