- OKX added DRC-20 tokens as one of the inscriptions for its users.
- Should demand for DOGE increase, the price could hit $0.09 shortly.
DRC-20 tokens, Dogecoin’s [DOGE] inscriptions token standard have been integrated into the OKX Web3 marketplace, AMBCrypto found.
For the unfamiliar, DRC-20 allows the deployment and minting of token contracts on the Dogecoin network. This feature allows the community to build on the blockchain.
The DRC-20 standard first appeared last year. This was after Bitcoin Ordinals led the front on minting inscriptions. At that time, Ordinals experienced an incredible surge in adoption, and it happened within a short period.
A few weeks later, AMBCrypto reported how the Dogecoin community came up with something similar— Doginals.
Doginals represent the inscriptions on Dogecoin while DRC-20 were the tokens minted. While the experiment got the hype at one point, the excitement fizzled out later.
DOGE demand surges, triggers rising activity
But with this new development, there is a chance that market participants might look in that direction again. If this occurs, demand for DOGE would increase. This could positively affect the price.
At press time, DOGE’s price was $0.081. This value meant that it increased by 3.77% in the last 24 hours. As a result of the recent hike, the Year-To-Date (YTD) performance became an 11.42% slump.
In the meantime, if DRC-20 adoption rises, then the number of DOGE holders might also surge. At press time, on-chain data showed that the total amount of Dogecoin holders was 5.87 million.
But it is noteworthy to mention that the number has grown compared to what it was last December.
Source: Santiment
Another metric that could be affected by the development is the active addresses. But AMBCrypto’s assessment of Santiment showed that the playbook was already live.
As of this writing, Dogecoin’s 24-hour active addresses had reached 382,000. This was the highest the metric had hit since the 2oth of December 2023.
As shown above, the increase implies that interaction on the Dogecoin network has been soaring.
Price eyes $0.09
It also means that the daily level of speculation around DOGE was extremely high. This increase could soon reflect in DOGE’s price. So, traders might need to be on the lookout.
However, it is still necessary to consider the technical outlook of the coin. Based on the 4-hour chart, DOGE accumulation has been increasing. This was confirmed by the Accumulation/Distribution (A/D) indicator.
The A/D jumped, suggesting that distribution of Dogecoin had reduced. This also indicates that the coin has more chances to increase than to slip. Furthermore, the 20 EMA (blue) and 50 EMA (yellow) were both below the DOGE’s price.
Source: TradingView
If DOGE does not break below these two levels, then its price could inreaase to $0.09. However, the Relative Strength Index (RSI) showed that buying strength was waning.
At the same time, this does not imply that sellers have taken control.
Exciting news for DOGE as DRC-20 tokens integrate with OKX. The potential rise in demand and recent price increase to $0.081 hint at positive momentum. The Dogecoin community’s experimentation with DRC-20 shows growing interest. Traders should monitor technical indicators, with a potential target of $0.09 if crucial levels are maintained.