Dogecoin (DOGE), the cryptocurrency that started as a meme, has seen a substantial increase in the number of wallet addresses, surpassing 90 million, according to data from IntoTheBlock. This growth is not only a testament to the rising interest and adoption among investors but also hints at a potentially bullish future for the dog-themed coin.
Current Market Dynamics and Wallet Growth
The total number of Dogecoin addresses that have ever held DOGE tokens has hit a new high, with about 4.76 million of these currently ‘In the Money.’ This surge aligns with a broader resurgence in investor demand within the crypto market. Presently, Dogecoin is experiencing significant trading activity, marked by a 12.57% price increase and a 65.86% surge in trading volume over the last 24 hours.
Price Predictions and Investor Sentiment
This milestone has sparked optimism among crypto analysts, with some predicting that Dogecoin could hit the $1 mark by the end of 2024. While an increase in wallet addresses doesn’t directly correlate with price, it does indicate a wider acceptance and possibly greater stability due to increased distribution of holdings.
Aiden, a notable crypto analyst on X (formerly Twitter), expressed a bullish outlook for Dogecoin, mirroring the sentiment of others who see a strong upward trajectory for the meme coin. However, challenges remain as DOGE faces technical resistances.
Technical Outlook and Resistances
Before any potential rally to $1, Dogecoin must first overcome immediate resistance levels. Analyst Kelvin pointed out that a key resistance lies around $0.135, a breakthrough of which could open the way to $0.22. Currently trading at $0.122, Dogecoin has its work cut out if it aims to surpass its all-time high of $0.74, reached during the 2021 bull run.
Kelvin remains optimistic, suggesting that Dogecoin could achieve new highs by the end of August, provided it breaks past its previous peak.
The significant rise in Dogecoin wallet addresses marks an important development for the cryptocurrency, reflecting growing market participation and interest. While reaching $1 is speculative and contingent upon overcoming several technical barriers, the current momentum and investor enthusiasm provide a strong foundation for potential future gains. As always, investors are encouraged to monitor market conditions closely and consider the inherent volatility of cryptocurrency investments.
