Can DogeCoin [DOGE]’s surge in network activity mean something for its price

ambcrypto.com:

In the last two months, the popular meme coin, Dogecoin [DOGE], logged a 256% uptick in the number of unique addresses that traded the Elon-backed coin daily, as per latest data. 

The increasing network growth is a positive sign, which could soon be reflected in #DOGE price. pic.twitter.com/8gwceJVARw

— Ali Martinez (@ali_charts) July 29, 2022

The uptick represented a rally from 14,000 addresses to 38,000 new addresses per day within the two-month period under review. However, the growth in daily active addresses for the DOGE was registered despite a continued decline in price. How has this coin fared in the last two months?

In the two-month window under review, the price of the meme coin dropped by 19%. On 30 May, the price per DOGE coin stood at $0.08. As the bears rummaged through the cryptocurrency market, the price of the coin declined steadily to be pegged at $0.07 at the time of writing. With a bullish retracement underway in the market since the beginning of July, the coin has seen a 16% growth in price in the last 29 days.

The coin’s trading volume dropped in the 60-day period under review. Within that time, DOGE logged an 8% decrease in its trading volume. This stood at 618.43 million at press time, with an 18.54% decline in the last 24 hours. 

Further, at $9.32 billion and currently ranked number ten on CoinMarketCap’s ranking of crypto assets with the largest market capitalization, DOGE’s market capitalization declined by 25%. Two months ago, the meme coin’s market capitalization was $11.65 billion.

So