DOGE on-chain metrics explode, can DOGE price reach $0.1?
DOGE's uninteresting year of price action exceeded most people's expectations for the biggest meme coin. Despite currently up about 77% from the June 2022 bear market low of $0.053, cryptocurrencies are still behind BTC, ETH, and Solana as of 2023. On the bright side, DOGE's on-chain metrics have exploded recently, suggesting an impending potential rally that could lead to a DOGE spike to new highs.
DOGE has grown exponentially from starting as the only meme coin in the crypto industry to now becoming the 10th largest crypto asset by market capitalization. According to the data, DOGE is almost twice as valuable as Wyndham Hotel Group. However, DOGE 2023 has not fared well and has not performed well compared to major cryptocurrencies. 
The current DOGE is trading at $0.09109, down 87% from its all-time high of $0.7315. DOGE is currently in a bear market for 940 days, 217 days short of the historical average. According to the data, this prolonged bear market has only happened twice in DOGE's lifetime. 
Over the past two cycles, the meme coin has experienced 1,192 days and 1,117 days of depressed price action, down more than 85% from its previous all-time high. Although DOGE is currently trading 543 days above its 2022 lows, it is still underperforming compared to the past two cycles. In the first cycle, it took DOGE 977 days to climb from the 2015 lows to all-time highs. Similarly, it took just 423 days to jump from the 2020 lows to the current all-time highs. 
In mid-October 2023, the situation began to change as the broader crypto market entered a bullish mood. Since then, the cryptocurrency has been on the rise, with its price recently topping $0.1 for the first time this year, hitting a yearly high of $0.1018. 
This growth can also be attributed to Doginals (DRC-20 token), the equivalent of Dogecoin's BRC-20 token. These Doginals have grown significantly since their launch in May, reaching a cumulative market capitalization of $100 million. At the same time, DOGE ushered in an influx of new and active users, something that was lacking for most of the year. More than 282,000 new non-zero balance addresses have been added in the last 30 days, and holders are under pressure.
DOGE has now retraced above the $0.1 mark and is currently trading at $0.09109. If these indicators continue their uptrend in 2024, DOGE could see a price reversal, break above the $0.1 level, and rise to $0.2 for the first time since 2021 According to the data, there are 235,150 addresses waiting to take profit at the price level around $0.1.
(Source: Scott Matherson)