Bullish Momentum Builds for Dogecoin as On-Chain Data Shows Growth

On-chain metrics reveal a bullish bias for Dogecoin, with open interest for DOGE futures worth more than $800 million.
The number of active Dogecoin addresses has surged to 133,880, an eight-month high indicating rising network engagement.

Popular crypto YouTuber CryptoJack has highlighted the optimistic bias revealed in on-chain indicators, and hence Dogecoin (DOGE) has lately displayed strong indications of a rally.

Data from the images CryptoJack shares shows that the open interest for DOGE futures, shown by green bar charts, presently sits at more than $800 million. Recent months have shown a dramatic increase in this statistic, it peaked in early June and mid-October.

The price of #Dogecoin is poised for a rally: on-chain metrics show bullish bias! pic.twitter.com/pQMINIziCQ

— CryptoJack (@cryptojack) October 18, 2024

Dogecoin Market Cap Climbs as Trading Volume and Price Surge

Meanwhile, the DOGE price has jumped 7.30% over the last 24 hours at the time of writing, therefore driving its value to over $0.145. The 24-hour trade volume has also surged by 23%, coming to $2.23 billion.

Along with increasing DOGE’s market capitalization—which today stands at over $21 billion—this rise in price and trading activity has also driven Given investor growing interest, this market cap is probably going to keep rising.

Beside that, as CNF previously noted, the 133,880 active Dogecoin addresses—an eight-month high—helps to further bolster this optimistic sentiment. This rise in active addresses implies more involvement all throughout the Dogecoin network.

Furthermore, the previous week saw whales accumulate 2.07 billion DOGE, the highest amount since January 2024. This increase suggests that big-scale investors are once more curious about the Dogecoin network.

Moreover, as we previously reported, there are forecasts that DOGE could behave in line with past market cycles. Should the expected action take place by the end of October, the token might rise to $2.7 by December. Although these forecasts are speculative, the mix of rising open interest, more investor activity, and positive on-chain data most definitely lays a strong basis for future rallies.