Dogecoin Hash Rate Hits 7-Month High, But What Are Price Expectations?

The Dogecoin hash rate has actually seen good growth in the year 2022. At the end of 2021, it sat around 371 terahashes per second (TH/s) and by May had touched as high as 540 TH/s. There wasn’t much increase from there though until the Ethereum Merge happened back in September. Since then, Dogecoin has benefitted from the migration of ETH miners to other networks and its hash rate has touched a new 7-month high due to this.

Dogecoin Hash Rate Balloons

Earlier in the week, the Dogecoin hash rate had recorded one of its highest spikes ever. This took place on Tuesday when the mining hash rate of the meme coin had jumped from a low of 373 TH/s and touched as high as 815 TH/s. 

Now, this spike in hash rate was quite brief but it also points to more power coming online for the digital asset. Since then, the hash rate has declined but it continues to maintain a healthy position of around 497 TH/s at the time of this writing. Although the CoinWarz chart shows that the meme coin continues to experience significant spikes in hash rate over the course of each day.

DOGE hash rate reaches 7-month high | Source: CoinWarz

It is also interesting to note that Dogecoin is now the second-largest proof of work network since Ethereum completed its upgrade. This puts it only behind bitcoin and is a natural choice for miners who are looking to continue their activities. However, it still sees a lower hash rate compared to Litecoin which currently sits at 518.54 TH/s at the time of this writing.

What Does The Community Expect?

It is safe to say that community expectations have declined along with the prices of meme coins. These are digital assets that shine best during bull markets and the low market momentum has not been kind to them.

As for community expectations when it comes to price, they remain low. Using the Price Estimates feature on Coinmarketcap shows that on average, investors do not expect more than an 8% growth for the digital asset by the end of October 2022.

DOGE price trending at $0.059 | Source: DOGEUSD on TradingView.com

One thing to keep in mind though is that this is taken from votes of only about 1,320 people, so this data cannot accurately represent what the broader market is expecting from the digital asset. However, if the estimates from Coinmarketcap turn out to be the case, it would put the price of DOGE at $0.64 by the end of October.

Dogecoin is currently trading at $0.059 which puts it firmly below its 50-day moving average. Sell pressure remains strong for the meme coin but there is mounting support for the digital asset at $0.058.

Featured image from The Coin Republic, chart from TradingView.com

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