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Sunday, September 19, 2021

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Can Dogecoin go as high as $ 1?

Dogecoin became one of the biggest success stories of the year as it went from being a “joke” coin to one of the most popular currencies in the cryptocurrency sector. Mainly, on-chain activity, increased trading volumes on major exchanges, and increased attention from major influencers played a critical role in the cryptocurrency journey.

The same was highlighted in a series of tweets by Philip Gradwell, Chief Economist at Chainalysis. He emphasized the fact that Doge adoption remained at the highest level since the 2017 bull market. New users who have had the token for less than six months currently own 25% of the circulating supply.

Continuing the same thread, Gradwell provided a deeper insight into on-chain activity for the trending altcoin. An average of 32,000 daily active users (DAU) was registered in 2021.

Gradwell opined:

“Doge has had an average of 32,000 daily active users (DAU) on the chain in 2021, and this has moved with the price. There is an R-value of 0.7 between the percentage change in DAU and the percentage change in the price of DOGE in 2021 so far. “

With a significant increase in DOGE price action, many within or even outside the community would signal a “pump and dump” scenario. This is what the analyst i had to say about the same,

“Correlation is not causation: spikes in active users and price match Doge-related social media, from Reddit activity to Elon Musk’s tweets. But an increase in chain activity around these events indicates the strength of the response. “

While many would argue otherwise, it should be noted that trading volume also saw an increase.

Another analyst on Twitter, Pentoshi, shed light on DOGE’s 24-hour trading volume on Coinbase.

DOGE was trading at the $ 0.33 mark at press time, down 3% in 24 hours. The coin still had a long way to go to hit the $ 1 benchmark, to say the least. Lastly, big influencers like Mark Cuban, Elon Musk, certainly played a role in promoting their preferred token.

Billionaire investor Cuban seamlessly combined the scenarios around DOGE in a tweet.

This is a machine translation of our English version.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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