This key Dogecoin metric hit a 3-month high as analysts expect a big 2025 for DOGE price

Dogecoin’s price movements over the past month or so have been quite underwhelming as the asset struggles to break the $0.10 resistance.

However, that could soon change as interest in its network has increased, while many X analysts foresee a rally underway.

Increase in the number of transactions

The number of transactions on a given blockchain shows overall interest and usage and indicates investor behavior towards the network and its native token. For Dogecoin, the picture was quite painful in the last few months, as the total number had dropped significantly compared to the annual peak reached in February.

However, that changed last week. Data from IntoTheBlock shows that the largest blockchain in the meme coin realm processed 1.93 million transactions then, which was the highest in more than three months.

Remember, the price of DOGE was trading well above $0.2 after the network’s record transaction count in February and March of this year. Consequently, the rising metric could signal another rally ahead for the biggest meme coin.

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

While still well below the February peak, this increase is a promising sign for the $DOGE network pic.twitter.com/9WfNMAaEZo

— IntoTheBlock (@intotheblock) September 17, 2024

Altseason activated by DOGE?

On the subject of DOGE’s price, one of the most popular X analysts (KALEO) recently published an update predicting sluggish performance over the coming months. However, their chart predicted a massive rally in the meme coin next year, which they classified as “lit.”

#Dogecoin / $DOGE

If someone asked me for a Dogecoin update…

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

In 2025, however, it lights up. pic.twitter.com/7dYwo0LhhC

— CALEO (@CryptoKaleo) September 16, 2024

The key resistance to break it is $0.11, according to its analyst Ali, who mentioned that 23,400 addresses had bought DOGE at that price and currently hold approximately 31 billion. This could lead to possible enhanced selling pressure should they decide to cash out when they break even.

If you are anticipating a #Dogecoin breakout, note the key resistance level at $0.11, where 23,400 addresses hold ~31 billion $DOGE! pic.twitter.com/iAP28te0bl

— Ali (@ali_charts) September 16, 2024

Ted, a crypto analyst with over 120,000 followers, believes that the true alt season could only begin after a substantial DOGE bomb as it did in 2020/21 and Q4 2023. His chart shows a similar move now to of 2021, which could lead to another “expensive source” season.

$DOGE bomb always triggers an Alt season

This happened in 2020-21 and also happened in the fourth quarter of 2023.

right now, $DOGE is forming a similar fractal from 2021 onwards.

If the DOGE starts pumping, get ready for face melt #Altseason pic.twitter.com/FhXyTmm4rt

— Ted (@TedPillows) September 16, 2024

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