Memecoin DOGE Surpasses XRP in Daily Active Addresses, a Sign of Growing User Engagement and Network Activity

TradingView data showed DOGE addresses jumping 11.2% hourly to 60,190, while XRP's grew a more modest 8.65% to 47,280.

Memecoin DOGE has surpassed XRP, the $130 billion altcoin, in terms of daily active addresses, a sign of growing user engagement and network activity.

TradingView data showed DOGE addresses jumping 11.2% hourly to 61,190, while XRP’s grew a more modest 8.65% to 47,280 during the same snapshot.

On the other hand, data from CoinMarketCap shows that at the time of writing, XRP is trading at $2.26 following a 7.78% 24-hour surge, while DOGE sits at $0.1816 with an impressive 11.11% rise.

Interestingly, DOGE’s breakout from a technical pattern could explain this surge while derivatives data signals even more upside.

Dogecoin (DOGE) price is surging again as it breaks out of a key technical pattern. This breakout could open the door for further gains in the coming days.

Dogecoin price broke out of the ascending triangle pattern on Monday. The flat resistance line of this pattern was formed near $0.168, while the rising support line was at around $0.141. The resistance was tested multiple times in March, while the support was tested in February.

The height of this triangle pattern is about $0.027, which is the difference between the support and resistance levels. When this is added to the breakout level, it gives a bullish target of around $0.195. This aligns perfectly with the 1.618 Fibonacci extension level of the recent decline from the March highs to the recent lows, which is also at $0.196.

However, if the price fails to hold above the support and breaks down instead, the next bearish target could be around $0.128. This is equal to the 0.382 Fibonacci retracement level of the recent rally from the 2023 lows.

The bullish derivatives data provided by Coinglass could be contributing to DOGE’s growth.

In the 24-hour period, DOGE derivatives volume has surged by 71.44% to exceed $5 billion. Additionally, options volume soared by 289.14%, and Open Interest on derivatives has increased by 13.21%. This explosion in derivatives trading is often a precursor or accompaniment to major price moves.

This content is not intended to be legal, tax, or financial advice. The article is purely informational and does not engage the reader to take part in any investment or trade an asset, use a particular platform, or engage in any specific activity.

Readers are urged to perform their own independent research and due diligence before making any investment decisions and take into account their own investment objectives, risk tolerance, and overall financial situation.

News data source: kdj.com

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