Growing Dogecoin (DOGE) Network Activity Indicates Momentum Surge

In Brief
Dogecoin's price rise coincides with an increase in network activity, with bullish momentum indicated by metrics.
The number of DOGE addresses has reached 5.6 million, demonstrating growing interest in the Dogecoin ecosystem.
Despite positive news on Telegram, Dogecoin's group membership has decreased, revealing a divergence in sentiment.
The Dogecoin (DOGE) network has seen a notable increase in activity over the past week, coinciding with a rise in its price during the same period.

For analyzing trends in Dogecoin, including distinguishing between bullish and bearish movements, IntoTheBlock serves as a valuable resource. This crypto analytics tool aggregates and analyzes blockchain data, offering insights into various metrics such as transactions, large transactions, and holder composition, among others.

Such data can provide a deeper understanding of market sentiments and potential price movements for Dogecoin.
Dogecoin Challenges $0.0818 EMA Barrier
Dogecoin recently experienced a bullish bounce from the golden ratio support near $0.076 and has since remained above the 200-day Exponential Moving Average (EMA), indicating positive momentum. It is now encountering a key resistance level at the 50-day EMA, around $0.0818.

A breakthrough above this level could propel Dogecoin towards the 0.382 Fibonacci (Fib) level at approximately $0.0868. Overcoming this hurdle may set the stage for Dogecoin to challenge a critical Fib resistance near $0.095.
Surpassing the golden ratio resistance at $0.095 would signal a return to a bullish trend for Dogecoin in the short to medium term. Supporting this bullish outlook, the EMAs are displaying a golden crossover, and the Moving Average Convergence Divergence (MACD) lines are in a bullish crossover with the MACD histogram trending upwards, indicating bullish momentum.
Dogecoin Addresses: Under 50% in Green
Currently, 47% of DOGE addresses are profitable, meaning they are ‘in the green’. In contrast, nearly 36% of addresses are experiencing losses, placing them ‘in the loss zone’. Additionally, approximately 17.2% of DOGE holders are at a break-even point, where selling their DOGE tokens at the current market price would result in neither a profit nor a loss.
This distribution highlights the varied investment outcomes among Dogecoin holders based on their respective entry points and the fluctuating market price of DOGE.

Dogecoin Network Sees Strong Upward Trend
Entering the new year, the Dogecoin network is exhibiting a positive trajectory, with the number of addresses holding DOGE reaching approximately 5.6 million.
Additionally, this growth signifies an increasing interest and participation in the Dogecoin ecosystem, reflecting its continued appeal among cryptocurrency users and investors.

Surge in Dogecoin Network Activity Over Last 7 Days
Over the past week, Dogecoin has witnessed a significant surge in network activity. The number of active DOGE addresses has seen an impressive increase of over 46%. Additionally, there has been approximately a 38% rise in the creation of new DOGE addresses.
Over One-Third of Dogecoin Supply Held by Retail Investors
The ownership structure of Dogecoin reveals a significant concentration among large investors and whale addresses. Therefore, approximately 81 major investors, each holding between 0.1% and 1% of the Dogecoin tokens, collectively possess around 21.3% of the total supply.
Although not an "official" token standard, ERC-404 hasn't hindered developers from replicating Pandora's success just a week after release.
Pandora has witnessed a remarkable surge of over 30% in the last 24 hours amid a broader market resurgence.


This increase can be attributed to recent announcements by crypto wallets from renowned exchanges like Binance and OKX, which emphasized the inclusion of support for the ERC-404 token standard.

The ERC-404 Token Standard
Based on data from CoinGecko, the Pandora token peaked at $32,427 today, marking a 35% increase in the past 24 hours. Its current trading price is $29,847, with a market capitalization of $306 million.

Created by pseudonymous developers known as “ctrl” and “Acme” under a project called Pandora, ERC-404 is an innovative token standard developed on the Ethereum blockchain, aiming to merge the functionalities of both ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens or NFTs) standards. This integration allows ERC-404 tokens to possess characteristics of both types.
Pandora, the pioneering project behind the ERC-404 token standard, offers 10,000 ERC-20 tokens alongside 10,000 associated “Replicant” NFTs. One Replicant NFT is generated in the buyer’s wallet when purchasing a complete Pandora token on an exchange.
Meanwhile, selling a Pandora token results in the associated NFT being removed or “burned” from the user’s possession. This mechanism creates a symbiotic relationship between the fungible and non-fungible aspects of the token ecosystem within the Pandora project.

Despite its potential, Pandora emphasizes that the ERC-404 standard is “entirely experimental and unaudited” despite having undergone some preliminary testing. However, the project reassures the community that an independent audit is underway to bolster its reliability and security.

Community Skepticism and Concerns
There is still some skepticism in the community as doubts regarding the project’s specifics persist, with some even questioning the necessity of ERC-404’s existence. Recent discussions, including a February 8th post by a developer identified as “quit,” have raised concerns about potential vulnerabilities within ERC-404-based NFTs.
The post suggested that NFTs using the ERC-404 standard could be susceptible to theft if deposited into lending protocols not properly configured for ERC-404, highlighting potential security risks.
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HOMECRYPTO NEWSTHIS IS WHY PANDORA’S PRICE SOARED BY 35% IN THE PAST 24 HOURS
This is Why Pandora’s Price Soared by 35% in the Past 24 Hours


Wayne Jones
Feb 9, 2024 23:43
Although not an "official" token standard, ERC-404 hasn't hindered developers from replicating Pandora's success just a week after release.
Pandora_Increase
Pandora has witnessed a remarkable surge of over 30% in the last 24 hours amid a broader market resurgence.

This increase can be attributed to recent announcements by crypto wallets from renowned exchanges like Binance and OKX, which emphasized the inclusion of support for the ERC-404 token standard.

The ERC-404 Token Standard
Based on data from CoinGecko, the Pandora token peaked at $32,427 today, marking a 35% increase in the past 24 hours. Its current trading price is $29,847, with a market capitalization of $306 million.

Created by pseudonymous developers known as “ctrl” and “Acme” under a project called Pandora, ERC-404 is an innovative token standard developed on the Ethereum blockchain, aiming to merge the functionalities of both ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens or NFTs) standards. This integration allows ERC-404 tokens to possess characteristics of both types.

As stated on GitHub, “While these two standards are not designed to be mixed, this implementation strives to do so in as robust a manner as possible while minimizing tradeoffs.”

Pandora, the pioneering project behind the ERC-404 token standard, offers 10,000 ERC-20 tokens alongside 10,000 associated “Replicant” NFTs. One Replicant NFT is generated in the buyer’s wallet when purchasing a complete Pandora token on an exchange.


Meanwhile, selling a Pandora token results in the associated NFT being removed or “burned” from the user’s possession. This mechanism creates a symbiotic relationship between the fungible and non-fungible aspects of the token ecosystem within the Pandora project.

Despite its potential, Pandora emphasizes that the ERC-404 standard is “entirely experimental and unaudited” despite having undergone some preliminary testing. However, the project reassures the community that an independent audit is underway to bolster its reliability and security.

Community Skepticism and Concerns
There is still some skepticism in the community as doubts regarding the project’s specifics persist, with some even questioning the necessity of ERC-404’s existence. Recent discussions, including a February 8th post by a developer identified as “quit,” have raised concerns about potential vulnerabilities within ERC-404-based NFTs.



The post suggested that NFTs using the ERC-404 standard could be susceptible to theft if deposited into lending protocols not properly configured for ERC-404, highlighting potential security risks.



Despite these challenges, the ERC-404 standard has sparked interest across various crypto communities. Several collections have begun experimenting with the new standard, including a frog-themed version of the DeGods NFT collection and a collection of ERC-404-based NFT pet rocks.j