Can Dogecoin (DOGE) Hit 20 Cents By August End?

The Dogecoin (DOGE) market finally moved beyond the 9 cents zone to 10 cents. Over the past 24 hours, DOGE surged by 4.65%, trading at a high of $0.1049.

Along with its price, the meme coin’s market cap and volume witnessed a 4% and 54% daily rise. At press time, DOGE’s daily volume was at $649,021,296. But can DOGE’s current momentum push the asset beyond 10 cents to 20 cents?

DOGE’s Potential to Reach 20 Cents

Current Market Performance

According to data from Changelly, DOGE will record a spike in the next couple of days. But by August 23, the meme coin will continue to dip. The asset will be reclaimed at the 9 cents level and end the month on the same note. As a result, the 20-cent mark is difficult for the asset to achieve.

Also Read: Dogecoin (DOGE) & Floki (FLOKI) Price Prediction

Increased Activity Among DOGE Addresses

According to data from IntoTheBlock, DOGE address activity has increased. In particular, the number of daily active addresses recently spiked to 55,440.

This measure measures all the unique addresses involved in transactions on a given day. In addition, it should be noted that in 30 days, this is the most significant number of daily DOGE active addresses.

Bullish Sentiment and New Addresses

This represents a 32% increase over the 42,000 active addresses noted the previous day. Meanwhile, the number of new addresses in the Dogecoin market has risen by 11.41%.

High engagement in the DOGE market can undoubtedly boost the price of the meme coin. The increase in new addresses notes bullish sentiment as more investors pour their funds into the asset.

Also Read: Dogecoin Has Most Meme Coin Holders in Profit: How High Can Doge Go?

However, the network needs to maintain this momentum to reap benefits.