Dogecoin (DOGE) has come out on top over Cardano and XRP following a recent development highlighting each token’s growth. This could reflect positively on the meme coin’s price soon enough, given how much crypto users look to be invested in the crypto token.
Dogecoin Experiences The Second-Largest Network Growth
Data from the market intelligence platform Santiment shows that Dogecoin has experienced the second-largest network growth in the past six months. Currently, 6.6 million wallets are said to be holding the meme coin, representing a 27% growth over this period. DOGE is only behind Toncoin (TON), which has recorded a 110% growth over the last six months, with 16,800 wallets holding the crypto token.
Meanwhile, Dogecoin topped other major cap crypto tokens, with XRP and Cardano recording 7% and 0% network growth, respectively. The meme coin also surpassed the foremost crypto tokens, Bitcoin and Ethereum, which have grown 10% and 11% in the last six months, respectively.
Dogecoin’s network growth is expected to reflect positively on DOGE’s price since many crypto users are adopting the meme coin. This will likely trigger significant price surges for Dogecoin as these investors continue to accumulate the crypto token. The increased interest in Dogecoin isn’t surprising, given that meme coins are one of the leading narratives for this bull run.
Therefore, these investors are likely positioning themselves with DOGE, as the foremost meme coin, expected to gain massively from the meme coin hype. DOGE has so far enjoyed a year-to-date (YTD) of over 77% but looks to be still far from achieving its full potential, with crypto analysts like Ali Martinez predicting that it can rise to $1 in this market cycle.
Dogecoin’s fundamentals are also as bullish as ever, with the meme coin set to gain more utility. Automotive company Tesla recently integrated DOGE payments to purchase specific merchandise on its website. Meanwhile, there continue to be rumors that Dogecoin will likely be integrated into X payments due to Elon Musk’s fondness for the meme coin.
DOGE’s Outlook On The Chart Is Bullish
Crypto analyst Kevin Capital (formerly Yomi OG) recently provided a bullish outlook for Dogecoin from a technical analysis perspective. He revealed in an X post that Dogecoin is about to receive a 2-month MACD (Moving Average Convergence/Divergence) cross to the upside for the second time in history.
The crypto analyst mentioned that Dogecoin began a “massive bull market to $0.74” the last time this happened. This raises the possibility of the meme coin rising even higher this time around. In the meantime, DOGE looks headed for $0.22 as Kevin Capital revealed that the crypto token is breaking out of a head and shoulders pattern, which could send it to this price level.
Featured image from Dall.E, chart from Tradingview.com
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