Analysis
August 20, 2024 10:49 AM
Between August 18 and 19, Dogecoin (DOGE) experienced a significant increase in its stock-to-flow ratio, reaching an all-time high of 69.25.
This spike suggests a potential supply squeeze, indicating that DOGE may be on the verge of a major price rally.
The rise in active and new addresses on Dogecoin's network further supports the bullish outlook.
Active addresses, reflecting users completing transactions, indicate increased blockchain usage, while new addresses suggest growing adoption.
The Global In/Out of Money (GIOM) indicator shows over 1 million addresses purchased DOGE at a maximum price of $0.098, highlighting key support levels.
As demand rises during this scarcity period, DOGE could exit its bearish trend and see significant gains.
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