Dogecoin has been heating up recently and this has been apparent in both its price, as well as its on-chain meme metrics. With investor interest now turning back to the OG meme coin, there has been some marked increase in its on-chain metrics, which suggests that the rally might just be starting.
Dogecoin On-Chain Metrics See Significant Increase
Among the Dogecoin on-chain metrics that have seen a significant uptick in recent days, three in particular stand out the most. These include the transaction count, number of whale transactions, and the age consumed of DOGE tokens.
Transaction count and whale transactions saw a notable shift as the price began to recover. As data from the on-chain tracking platform Santiment shows, these active transactions rose significantly from 1.22 billion to 9.2 billion in the space of two days. Looking at the DOGE chart, it shows a correlation during this time between the increase in its price and its transaction count.
Following the same path, the whale transactions, also know as large transactions rallied at this time. These transactions which are carrying DOGE tokens worth $100,000 or more spiked from around 1,500 daily transactions at the start of March to over 4,000 daily transactions toward the end of the month.
The third metric that has seen an increase during this time is the age consumed. The “Age Consumed” here refers to the amount of time that DOGE tokens are being held by investors. So rather than selling their coins, more Dogecoin investors are choosing to hold onto them in anticipation of more upside.