The price of Dogecoin (DOGE) has risen by 2% in the past 24 hours, reaching $0.074565, amid similar gains within the cryptocurrency market. Despite the meme token’s tumbling 20% in the last 30 days, DOGE is up 6% since the start of the year. With transactions on the Dogecoin blockchain at an all-time high, largely driven by the issuance of new DRC-20 tokens, the increase in demand may see DOGE continue to rise in the coming weeks and months.
While the price of DOGE is currently on an upswing, the token has potentially not yet reached its peak. The coin’s 30-day moving average overtook its 200-day moving average yesterday, forming a ‘golden cross’ – an indicator which usually signals a breakout to a new level. Despite failing to break the $0.075 resistance level, DOGE could test this ceiling again in the next few hours as its relative strength index (RSI) indicates continued momentum.
Increased blockchain use could result in a steadily rising DOGE price as users are rushing to mint Dogecoin’s version of Bitcoin’s Ordinals using the DRC-20 token standard to create NFTs. Although Dogecoin developer Patrick Lodder questions the trend’s longevity, its lower fees and larger block size position it as a more useful vehicle for NFT minting than Bitcoin. Consequently, raised transaction levels could become more permanent, potentially bolstering DOGE’s price. However,
Source: Cryptonews
