There is no such thing as a dull day in the world of crypto assets. Whereas Bitcoin is still trying to find its gear, the Dogecoin price is moving up very quickly.
The Dogecoin Metrics That Matter
Looking beyond the coin’s value and market cap, there are a ton of interesting metrics worth keeping tabs on. As far as Dogecoin is concerned, things are heating up as of late, for obvious reasons. A sudden price jump never occurs out of the blue.
Based on LunarCRUSH’s Galaxy Score and AltRank, Dogecoin is certainly firing on all cylinders as of late. It is impressive to see DOGE be considered the #1 alt rank, even though it was in second place just 24 hours ago.
Contributing to these high rankings are the social activities surrounding Dogecoin. Social volume, engagement, and contributors are all increasing rapidly.
These are not changes occurring overnight, as they represent an increase compared to one week prior. This seems to indicate that Dogecoin’s bullish surge has been forming for some time now.
As is usually the case, these increases will also lead to more spam volume. There is a saying that claims how “there is no bad press” but dealing with spam volume is something to be wary of. There will undoubtedly be unsavory individuals trying to take advantage of this price surge by any means necessary.
Despite the ongoing price surge, any bearish volatility has been squashed down very quickly. It is only normal to expect some pushback after stellar gains, but for now, the uptrend remains intact.
Looking at Other Metrics
Exploring the wide variety of metrics and activity surrounding Dogecoin will often tell a very different tale. According to CoinGecko, Dogecoin scores 49% in social engagement, but 72% in developer activity. As such, the project receives a Gecko Score of 62%, putting it ahead of Tether, Bitcoin SV, and many others.
Dogecoin’s developer statistic is pretty interesting when looking at the recent activity. |It is worth noting that Dogecoin has 70 active contributors. For some reason, however, there have been 0 code commits in the past 4 weeks.
Dogecoin has not received any major protocol upgrades in recent years. It doesn’t mean that development has been abandoned, but there seems to be no real reason to change anything. If the price keeps trending higher, developer activity may continue to pick up as well.