Dogecoin Price Prediction as Tokens Built on Dogecoin Blockchain Reach All-Time High – Can DOGE Reach $1?
May 18, 2023
By Simon Chandler | @simon-chandler
The price of Dogecoin (DOGE) has risen by 2% in the past 24 hours, rising to $0.074565 amid a similar gain for the cryptocurrency market as a whole.
DOGE's current price means that it has gained by 3.5% in the past week, with the meme token down by 20% in the last 30 days but up by 6% since the beginning of the year.
Despite its underwhelming performance in the past few weeks, DOGE's increase today comes as data emerges showing that transactions on the Dogecoin blockchain have risen to an all-time high, driven largely by the issuing of new DRC-20 tokens.
Given this surge in demand for space on the Dogecoin blockchain, DOGE could therefore continue seeing rises in the coming weeks and months, with more of the token needed to pay transaction fees.
Dogecoin Price Prediction as Tokens Built on Dogecoin Blockchain Reach All-Time High – Can DOGE Reach $1?
DOGE is clearly on an upswing at the moment, yet what's encouraging about this is that it looks like it could still be some way from reaching a peak.
Most notably, the coin's 30-day moving average (yellow) overtook its 200-day (blue) yesterday, forming a 'golden cross' that tends to signal a breakout to a new level.
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