Altcoin
Dogecoin Price Eyes Rally As Wallet Addresses Reach All Time High
After Dogecoin wallet addresses reached a new all-time high, analysts are tapping the memecoin to embark on a rally. Dogecoin price could spike in the coming days, buoyed by a streak of positive fundamentals and on-chain data.
Dogecoin Wallet Addresses Reaches 83.48 million
Community members are expecting Dogecoin price to surge in the coming days following a raft of positives for the memecoin. On March 4, the number of Dogecoin addresses reached an all-time high of 83.48 million, signaling strong ecosystem activity.
On-chain analyst Ali Martinez broke the milestone on X, fuelling a buzz among the community’s bulls. Rising wallet addresses are typically indicative of a spike in the number of users or new speculative interest among investors.
For now, pundits are pinning the new highs on a slew of integrations including a proposal by Cardano founder Charles Hoskinson to integrate DOGE for X payments. The proposal may have triggered the march to 83 million addresses setting the stage for a push to $1.
Whale Activity Indicates New Dogecoin Price Action
On-chain data confirms heightened Dogecoin whale activity in recent days. In the last 24 hours, whales have accumulated 180 million Dogecoins, building on a weeklong buying spree.
At the start of the week, Dogecoin whales gobbled up 910 million coins at critical levels for the memecoin, indicative of a rally for the memecoin. Dogecoin price is hovering around the $0.2 mark, rising by nearly 2% over 24 hours. Weekly charts show that Dogecoin has canceled its gains from the altcoin-themed Crypto Strategic Reserve.
Despite the all-time high for wallet addresses, Dogecoin’s daily trading volumes are down by 41.38% in what experts are terming as the lull before the storm.
Onchain analytics reveals that Dogecoin closed with a DragonFly Doji, suggestive of the reversal of its recent downtrend. Analysts say the accumulation of technicals points to a 5-fold increase in Dogecoin price in the coming months.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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