Dogecoin’s Bull Flag Plays Out as Active DOGE Addresses Skyrocket by Close to 1,000%

Thanks to various bullish on-chain metrics, Dogecoin (DOGE) is not relenting in its quest for a competitive advantage.

According to crypto charism Trader Tardigrade, Dogecoin’s bull flag is still playing out, which might have enabled the apex meme coin to surge to the psychological price of $0.30.

Source: Trader Tardigrade

A bull flag formation is deemed bullish since it depicts an uptrend continuation after a brief period of consolidation.

This chart pattern, which features a flagpole, flag, and breakout, is often used to identify entry points during ongoing uptrends.

Trader Tardigrade had previously noted that DOGE was in line to soar to $1 by stating, “A breakout from a channel has been noted, aligning with recent price actions just before a spike.”

Source: Trader Tardigrade

According to CoinGecko data, Dogecoin was up by 43.1% in the past month to hit $0.226 at the time of writing.

Dogecoin Experiences Soaring Investor Interest

According to Glassnode data, the number of active Dogecoin addresses recently witnessed a major uptick of nearly 1,000% after experiencing a weekly surge of 990% from 61,892 to 674,527.

Source: Glassnode

Therefore, this trend shows that Dogecoin is enjoying increased demand, network usage growth, and higher user participation, which is deemed bullish.

Meanwhile, Dogecoin bulls are contemplating a 300% increase after mimicking a previous falling wedge pattern.