Dogecoin has been under bearish pressure for a long time now. However, today, the meme currency seems to have received a slight push which could boost it into a recovery phase. The overall crypto market is flashing green, and all the assets are doing well after the Federal Reserve raised its interest rates by 0.75% in this week’s FOMC meeting.
Meanwhile, a well-known crypto analyst, Ali Martinez, is of the opinion that there have been some positive developments in the Dogecoin platform which has led to an increase in the token price.
Dogecoin Addresses Surged By 265% Since May
Martinez claims that there has been an increase in the new DOGE addresses at a rate of 265% over the last two months. It has seen an addition of nearly 14.47k to 38.42k new addresses every day.
Yesterday, July 28, the data revealed that the overall addresses in the Dogecoin network accounted for 4.38 million.
On the other hand, during the same time period, the meme currency dropped by almost 15% and the prices declined from $0.082 to $0.062, owing to the high volatility experienced in the market. Nevertheless, Martinez remains optimistic about its recovery.
When the transaction history is considered, the analyst asserts that DOGE has acquired massive support at the $0.068 level and around 78.25k addresses have attracted 44 billion Dogecoin worth $299 million.
If the currency manages to hold on to this level, it could rally to $0.080.
Over the last 24hrs, DOGE Price has seen a leg up of 2.02% and is trading at $0.067. While this might seem remarkable, it’s important to remember that the currency is still down by more than 90% from its ATH.