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Dogecoin XRP Cardano

DOGE To The Moon: Dogecoin Beats Out Cardano And XRP In This Major Metric

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Cardano Founder Reveals What Will Decide The Winner In The US Presidential Elections
Dogecoin 1
Source: Santiment

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. 

Related Reading: Shiba Inu’s Shibarium Sees Massive Drop In Interest As Transaction Volume Crashes 90%, What’s Going On?
Dogecoin 2
Source: Santiment

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.

Dogecoin price chart from Tradingview.com
DOGE Price rallies toward $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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