TL;DR
Dogecoin has experienced a 13.8% increase in non-empty wallets over three months, correlating with a temporary spike in its value.
Analysts predict a potential significant rise in DOGE’s price, with targets ranging up to $1, based on current trends and historical performance.
DOGE Investors on the Rise
Despite underperforming recently, some metrics related to Dogecoin have witnessed a solid resurgence. The crypto market intelligence platform Santiment revealed that non-empty DOGE wallets have risen by 13.8% in the last three months.
A significant increase in that figure was recorded at the end of February, coinciding with the time when Dogecoin’s price started heading north. Recall that its value skyrocketed from $0.08 on February 26 to over $0.20 a month later. Currently, DOGE is worth approximately $0.14 (per CoinGecko’s data).
In addition, Santiment revealed how Bitcoin and Cardano performed on that front. BTC non-empty wallets exceeded 53.8 million, representing a 2.6% rise in 90 days, while ADA recorded a 0.01% decrease for the same period with around 53 million addresses.
The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy
— Santiment (@santimentfeed) April 27, 2024
DOGE Price Predictions
The crypto space is full of analysts who are pretty optimistic that Dogecoin’s valuation will take off in the near future. The X user Ali Martinez recently suggested that the meme coin has entered a consolidation phase after previously following a “descending triangle.” He claimed that DOGE could hit the $1 milestone if mirroring its performance from years ago.
JAVON MARKS and Mikybull Crypto were bullish, too. The former described Dogecoin’s correction as a “healthy pullback,” reminding the token’s impressive price growth since the start of the year.
“With prices still holding broken out, pullbacks may only assist prices in a >315% uphill run to the $0.6553 target,” the analyst envisioned.
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