Dogecoin has been stagnant in price this month, as the entire cryptocurrency market is in a bearish state. However, DOGE active users remain high, recently rising as much as 32%. With the boost in activity around the meme coin, will its price also rise as the month closes out?
According to IntoTheBlock data, Dogecoin has seen a 32% surge in daily active addresses over the last 24 hours. Transactional activity has remained steady around DOGE for a slow year. Multiple crypto experts have been stumped as to why the leading meme coin hasn’t had as big of a growth as rival meme coins SHIB and FLOKI. At press time, the asset is in a precarious position, trading barely over $0.10.
In addition, a recent IntoTheBlock analysis also revealed that most DOGE holders are in a profit. This correlates to why trading activity is up, perhaps indicating holders taking advantage of their profits.
Will Dogecoin Rise at the end Of August?
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Typically, price movement and trading activity go hand in hand when rising. Thus, experts may be optimistic that the price of Dogecoin may jump a bit. The coin is up a slight 1% in 24 hours but is far from the growth that DOGE experts expect. Since this time last year, the asset has increased more than 38% to reach its current $0.106 level. Yet, the asset is facing a bearish outlook. DOGE can be invalidated at $0.13, which notes a critical moment. The asset has to find a way above that. If it does, DOGE could threaten the surge to $1 that so many traders have hoped for.
According to CoinCodex, DOGE may reach the $0.89 price level by August 31st, recording an 11% decline. Similarly, by September 17, the token may further deteriorate, noting a 13% fall in its price. If trading volume and active users remain rising, perhaps DOGE could have a more positive outlook at the end of August.
