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TL;DR
- Dogecoin saw a 13.8% increase in non-empty wallets over three months, correlating with a temporary rise in its value.
- Analysts predict a significant potential rise in DOGE price, with targets up to $1, based on current trends and historical performance.
DOGE Investors on the Rise
Despite their recent underperformance, some Dogecoin-related metrics have seen a solid resurgence. Crypto market news platform Santiment revealed that non-empty DOGE wallets increased by 13.8% over the past three months.
A significant increase in this figure was recorded in late February, coinciding with when the price of Dogecoin began heading north. Remember that its value increased from $0.08 on February 26 to more than $0.20 a month later. Currently, DOGE is worth around $0.14 (according to CoinGecko data).
Additionally, Santiment revealed how Bitcoin and Cardano performed on this front. Non-empty BTC wallets exceeded 53.8 million, an increase of 2.6% in 90 days, while ADA recorded a decrease of 0.01% for the same period with around 53 million addresses.
đź“Š The total amount of non-empty items #Bitcoin portfolios are growing rapidly despite unstable prices. #Altcoin portfolios for assets like #Dogecoin have flattened after huge increases earlier this year. #Cardano is one of the few networks to see active wallets drop. pic.twitter.com/yrOlEQw3jy
– Santiment (@santimentfeed) April 27, 2024
DOGE Price Forecast
The crypto space is complete of analysts who are pretty optimistic about Dogecoin’s valuation in the near future. User X Ali Martinez recently suggested that the meme coin has entered a consolidation phase after following a “descending triangle”. He claimed that DOGE could reach the $1 mark if it mirrored its performance from years ago.
JAVON MARKS and Mikybull Crypto were also bullish. The old describe Dogecoin's correction is being called a “healthy pullback”, reminiscent of the token's impressive price growth since the start of the year.
“With prices still breaking, pullbacks could only help prices rise >315% to the target of $0.6553,” the analyst considered.
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