Dogecoin Surpasses Polkadot – Can DOGE Maintain Its Aggressiveness?

By September 20, 2022Polkadot
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Traders should definitely keep an eye on Dogecoin (DOGE) as the popular dog meme coin suggests a 30% gain in the next few days.

  • DOGE suggests a 30% rise over the next few days
  • Dogecoin is ahead of Polkadot by a large margin at around $576,235,000.
  • DOGE price up 2.25%

As the 2nd Largest Proof of Work Blockchain Network and 10th DOGE, the largest crypto in terms of market capitalization, seems unstoppable at the moment. After September 18th, Dogecoin is expected to blaze past Polkadot at the $576,235,000 border.

according to coin market capitalization, the DOGE price rose 2.25% or is trading at $0.05813 at the time of writing. The recent drop seen in August has prompted many traders to buy his DOGE at lower prices.

Bulls overtake bears at 30% rally

Judging by the 8-hour chart, the Fibonacci Retracement Tool shows that the August high was recorded at around $0.092 and the recent low was at $0.054, a 63.4% retracement at the $0.08 level. is shown.

If the on-chain metrics are accurate, the bears could be hit hard by a 30% price increase. Additionally, the 4-hour chart also shows mild signs of bullish divergence suggesting smart money is making inroads into the market.

The sharp rise in DOGE may be due to the volume increase seen in the last few days. Memecoin trading volume is expected to increase from 202.16 million to he 344.5 million. One of the reasons for DOGE's growth can be attributed to the increasing amount of meme coins in the last two days.

Issuance increased from 202.16 million to 263.32 million. And it wasn't just transaction volume that showed impressive growth, but also active wallet addresses. Dynamic wallet addresses increased from 113k on Sept 15th to 120k on Sept 18th.

Dogecoin is also picking up speed, which means more buying and selling activity.

DOGE will also attract more miners, especially due to the 4.86% increase in hash rate seen last week, which shows the robustness and security of the Dogecoin blockchain.

Dogecoin Social Metric Drop

Meanwhile, DOGE's social media metrics plummeted. August wasn't a good month as DOGE's social mentions plummeted by his 30.02% and social engagement decreased by -39.82%. A decline in social media metrics could have a negative impact on DOGE prices.

Chart: Messari

Another piece of bad news is that whales' interest in DOGE appears to have tapered off in August, with the number of wallets dropping by 13.04% over the past 30 days.

Polkadot has also shown turmoil in terms of volatility and social media metrics, which could be the main reason why traders seem to shy away from the token.

Overall, traders are said to be cautious as Memecoin is known for its extreme volatility. Even DOGE prices can change suddenly with new updates or announcements from Elon Musk.

DOGE total market cap at $7.7 billion on the daily chart | Source: TradingView.com

Featured image from Reuters, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).

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