As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless trends and cycles that have shaped the investment landscape. However, the recent surge of Dogecoin ($DOGE) has left me quite intrigued.
As a crypto enthusiast, I’ve noticed an incredible spike in the value of Dogecoin (DOGE) over the past week, with its price soaring by more than 140% and trading now above the $0.4 threshold. This surge comes amidst a broader rally in the cryptocurrency market.
Over the past week, a significant increase in the number of users on the Dogecoin network has led to an upward trend in prices, as evidenced by Santiment’s analysis. Approximately 74,885 new wallets holding less than 100,000 DOGE each were created during this period.
Based on the company’s findings, the number of shark and whale Dogecoin wallets has been steadily decreasing, with a total reduction of approximately 350 wallets over the same timeframe. Yet, a recent surge in these larger wallets, accounting for around 108 new addresses in just a few days, seems to have contributed significantly to the upward trend in DOGE’s price.
🐶📈 Irrespective of your opinion about meme coins, the rise of the leading meme coin in the crypto world has been hard to overlook. In the past four weeks, an additional 74,885 wallets have come to hold less than 100K DOGE.
— Santiment (@santimentfeed) November 12, 2024
Based on CryptoGlobe’s report, a well-known crypto analyst predicts that Dogecoin’s price surge might just be the start of a bigger upward trend. This trend could potentially place the meme-based cryptocurrency within the trading range of $3.95 to $23.26.
In a recent post on the social media platform X (previously known as Twitter), financial analyst Ali Martinez predicts that Dogecoin (DOGE) is set for exponential growth, citing historical trends suggesting a possible peak may occur within the range determined by Fibonacci retracement levels of 1.618 and 2.272. This potential peak would translate to a price range of $3.95 to $23.26.
Over the past few days, a specific cryptocurrency has been outshining Bitcoin, rising approximately 25% during the last week alone. As CryptoGlobe stated, in the previous month, DOGE experienced its highest increase in active addresses within the last half year, surpassing 84,000 addresses on its blockchain.
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2024-11-13 05:04