This Key Dogecoin Metric Hits a 3-Month High as Analysts Expect a Big 2025 for DOGE Price

Dogecoin's price movements have been very weak over the last month or so as the asset struggled to break through the $0.10 resistance.

However, that could soon change as interest in the network continues to rise, with more analysts on X making a run for it.

The increasing number of transactions

The number of transactions on a particular blockchain shows its overall demand and usage and gives an indication of investor behavior regarding the network and generation token. For Dogecoin, the landscape has been painful for the past few months, with total numbers down significantly from their annual peak in February.

However, that changed last week. According to data from IntoTheBlock, the largest blockchain from the MemCoin realm saw 1.93 million transactions, the highest in more than three months.

Recall that the price of DOGE was trading above $0.2 in February and March of this year after the network's record-setting transactions were recorded. Therefore, the rising gauge may point to another upcoming rally for the larger MIM coin.

Dogecoin saw 1.93 million transactions last week, marking its highest weekly transaction count since early July.

Although still below the February high, this bounce is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo

— Into TheBlock (@intotheblock) September 17, 2024

Altseason triggered by DOGE?

On the topic of DOGE prices, one of the most prominent X analysts (KALEO) recently released an update predicting sluggish performance over the next few months. However, their chart predicts a big rally for the Mem coin next year, which they call “on”.

#Dogecoin/$DOGE

Someone asked me for a Dogecoin update…

I wish it was sexier, but I still expect it to be boring for the next couple of months in the range I talked about in my last post in this thread.

But 2025 is about to be lit. pic.twitter.com/7dYwo0LhhC

— KALEO (@CryptoKaleo) September 16, 2024

His colleague Ali, who said 23,400 addresses bought DOGE at that price and currently holds nearly 31 billion, said the main resistance to beat is at $0.11. This can lead to improved sales pressure if you decide to cash out when you're broke.

If you're waiting for #Dogecoin to break, remember the key resistance level at $0.11 where 23,400 addresses hold ~$31 billion in DOGE! pic.twitter.com/iAP28te0bl

— Ali (@ali_charts) September 16, 2024

Ted, a crypto analyst with over 120,000 followers, said the real Alceso could start only after a big DOGE pump like in 2020/21 and Q4 2023. Their chart now shows the same movement as in 2021, which could lead to a “melt-forward” altseason.

The $DOGE pump always triggers Altseason.

This happened in 2020-21 and also happened in Q4 2023.

Currently, $DOGE is forming a fractal similar to 2021.

Get ready for a meltdown if DOGE starts pulling #Altseason pic.twitter.com/FhXyTmm4rt

— Ted (@TedPillows) September 16, 2024