Elon Musk, who describes himself as the "dogefather", replaced Twitter's logo with the Dogecoin symbol on Monday.
After this change, DOGE differentiated positively from other cryptocurrencies, achieving an increase of up to 33%, and its price rose above 0.10.
However, in DOGE, which has lost some of these gains, investors are wondering if there will be more rise.
Dogecoin's whitepaper, Santiment, pointed out that there are three metrics that signal DOGE's differentiation from other cryptos.
Santiment said that the first data is DOGE transaction volume, which has reached the highest level since last November, the second is Dogecoin active addresses, and the third is whale transactions of $ 100,000 and above.
Pointing out that these three data have reached the highest levels of recent months, Santiment stated that when all three data rise together, a local peak almost always occurs.
Santiment added that it was a wise decision to take profits on these peaks.
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Will Dogecoin Continue to Rise?
Analyzing whether the uptrend will continue or not, Santiment examined the 30-day MVRV in altcoins.
Stating that altcoins enter the "danger zone" if the 30-day MVRV exceeds 20%, Santiment said that this rate is 11% for DOGE.
“Typically, altcoins are entering the 'danger zone' when the 30-day MVRV for altcoins is 20% or more.
Considering that despite the huge price increase from Elon Musk, the MVRV in DOGE has not increased to 20% and is only 11%, this may be an extra buffer for DOGE price to increase further.
Therefore, a potential price increase can still be expected."
Dogecoin, which rose to the level of $0.1050 after Elon Musk's Twitter move, continues to trade at $ 0.8908 at the time of writing.
We will be watching to see if there will be more bullishness in Dogecoin.
*Not investment advice.
