Memecoin Analysts Might Have Noticed a Sizeable Surge

Memecoin analysts might have noted a sizeable surge lingering in the Dogecoin price trend

The popular memecoin, Dogecoin (CRYPTO: DOGE), has seen a 150% surge in active addresses in the last 48 hours. The Dogecoin price also experienced an upward climb amid bullish ecosystem sentiment, and the number of active addresses suggests that the memecoin could soar further.

According to senior analyst Ali Martinez, the recent rally in the Dogecoin price occurred after a 150% surge in active addresses.

Source: GlassNode

Dogecoin’s active addresses (as illustrated by Ali) fluctuate around 127,570 levels. However, the ecosystem recently recorded a massive spike, possibly triggered by the price performance of the memecoin. This surge in active addresses is huge, considering the broader cryptocurrency market performance within this time frame.

The high activity level on the memecoin ecosystem might spark a buzz as it signals increased user interest. That is, more traders are interacting with Dogecoin. Some market participants and analysts consider this sudden uptick a bullish signal and indicates a growing market attention, with more chances of the Dogecoin price landing a stronger rally.

However, some analysts have opined that Dogecoin’s next move might depend on the path of Bitcoin (BTC) price, the actual crypto king.

Historically, Dogecoin and Bitcoin have shown a positive correlation. When the price of Bitcoin rises or falls, Dogecoin tends to mirror its movement. Although the magnitude differs due to Dogecoin’s higher volatility, a pattern exists between the two.

Hence, in the current rally, if Bitcoin continues on an upward move, Dogecoin’s tendency to maintain its bullish outlook remains high.

But if Bitcoin suffers a market correction and dips by 10%, this could negatively impact the memecoin. Such a dip in BTC could trigger a 20% or 30% decline in the Dogecoin price.

While this correlation suggests that Bitcoin’s performance heavily influences the Dogecoin price, other factors could overrule this.

For instance, the current spike in network activity involving increased active addresses might provide the Dogecoin price with short-term resistance. It could also help strengthen the memecoin’s performance if Bitcoin moves in the upward direction.

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