Dogecoin Surges 34.91% in Wallet Activity, Outpaces Bitcoin

Dogecoin has recently shown a notable increase in wallet activity, surpassing that of Bitcoin. Over the past 24 hours, Dogecoin recorded a significant surge in wallet activity, with daily active addresses and large transactions increasing by 34.91% and 41.12%, respectively. In contrast, Bitcoin's daily active addresses and large transaction volume both declined by 10.25% and 11.26%.

This surge in activity for Dogecoin comes amidst growing speculation about the potential launch of new DOGE ETFs. Several major financial entities, including Bitwise, Grayscale, 21Shares, and Osprey Funds, have submitted requests for DOGE ETFs to the US SEC. The anticipation of these ETFs has generated excitement within the community, with many expecting a price rally following their launch.

Despite Bitcoin's dominance in price performance and trading volume, Dogecoin's achievement in surpassing Bitcoin in certain areas is noteworthy. Bitcoin recorded a 3% daily increase in value and a 206.23% increase in trading volume, while Dogecoin's price surged by only 0.69% and its trading volume increased by 71.40%. However, Dogecoin's lower market capitalization makes its performance in these areas even more impressive.

The current price action of Dogecoin suggests stability, with the price hovering around $0.1609. There is a strong support zone in the $0.155–$0.157 range, which could help prevent the price from falling below the critical $0.15 level and potentially push it higher. The current price performance may also signal an upcoming bullish price movement.

According to the DOGE/USD daily chart, Dogecoin’s RSI is slowly increasing and is currently at the 55 mark, indicating weak bullish momentum. The low ADX score of 17 suggests a low possibility of a rally to the $0.165 resistance. However, if the RSI reaches the 65 to 70 range, Dogecoin’s next move could become very bullish, potentially leading to a $0.175 breakout.

While the current market conditions and macroeconomic developments point to a bullish sentiment, there is still a bearish scenario where Dogecoin's price could fall below the $0.150 – $0.155 support range. If this happens, the price might test the $0.148 support and fall even deeper. The potential for further escalation in trade tensions remains a concern, but overall, the outlook for Dogecoin appears positive.