The Dogecoin network is experiencing significant growth – could DOGE reach $6 next?

The Dogecoin ecosystem is experiencing significant growth, as the number of active addresses has increased by 26%. Experts are hopeful that DOGE could surpass its previous all-time high. As a prominent player in the memecoin market, Dogecoin (DOGE) is attracting considerable interest due to its surging network activity. Fueled by robust investor interest, there has been a significant increase in Dogecoin address activity, leading to conversations about DOGE potentially reaching $200.175. The number of active DOGE addresses has surged by 22,025%. On an X post, blockchain analyst Ali Martinez noted that the number of active Dogecoin addresses increased by 26%, approaching 23,000. This increase shows the relevance and user interaction within the Dogecoin community, even amidst broader market fluctuations. Image Credit: Ali Charts on X. Furthermore, Martinez pointed out the Stochastic Relative Strength Index (RSI) crossover concerning Dogecoin’s price. This technical indicator offers a finer assessment of market momentum and the possibility of a trend shift. Historically, a bullish crossover in the Stochastic RSI on Dogecoin’s weekly chart might indicate a possible significant price increase. In the past, these crossovers have resulted in remarkable gains of 88%, 187%, and even 444%. In the present market cycle, certain traders and analysts are targeting returns of 200% to 300%. Crypto analyst Marzell has pointed out an important support level for DOGE at $63.