BlocksInform
The data show that the Dogecoin has recently experienced a sharp increase in its measures on the chain, which could be bullish for the price of the meme coin.
The data show that Dogecoin has experienced a sharp increase in its indicators on the chain recently, which can be bullish for the price of the same piece. Dogecoin Whales Settlements.
According to data from the on-chain analytics firm Santiment, a couple of DOGE on-chain metrics are at two-month highs right now. Relevant metrics here are number of whale transactions and daily active addresses.
The "number of whale transactions" measures the total number of dogecoin transfers occurring on the blockchain which is worth at least $100,000 in value. When the value of this metric is high, it means whales are actively trading the asset right now.
Given that transactions in this cohort are fairly large, they may result in a significant price change. For this reason, many of them occurring at the same time can lead to more volatility for doge.
The other metric of interest here, the “daily active addresses,” simply keeps track of the total number of addresses that are being involved in some transaction activity on the network on any given day. The metric system includes both consignees and shippers in this calculation.
When this indicator has high values, it means that a large number of investors conduct blockchain transactions every day. This trend suggests that the interest of users for the Doge is at present high.
Now, here is a chart that shows the trend in these two Dogecoin on-chain indicators over the past month:
Looks like both these metrics have observed some sharp increase in recent days | Source: Santiment on Twitter
It seems that these two measures have seen a strong increase over the last few days | Source: Health on Twitter. A total of 523 whale transactions took place on the last day, the highest level since November 27, over two months ago.
Daily active addresses have been about 86,400 in recent days, that is the largest two-day race observed by the indicator between November 2 and 3, It's been nearly three months.
These boosts in on-chain activity have coincided with news that Elon Musk is planning to add cryptocurrency payments to Twitter. Although it is currently difficult to know if dogecoin will ever find his way on the platform (since it seems that only fiduciary currencies are added first), The price of the dog still reacted to a flare-up.
Current high chain activity has turned up in recent days. The current high activity on the chain has turned up in recent days.
There is no assurance that indicators will remain at similar levels in the future.
DOGE has surged | Source: DOGEUSD on TradingView
