Dogecoin’s price may soon experience a significant rally, as the cryptocurrency reaches new milestones in wallet address growth and increased whale activity, sparking optimism among investors.
On March 4, the total number of Dogecoin addresses surged to an all-time high of 83.48 million, signaling a strong uptick in the coin’s ecosystem. This growth in wallet addresses, which is often linked to an increase in user activity and investor interest, has fueled predictions of a potential price surge for Dogecoin.
Analysts are pointing to several positive developments as catalysts for this momentum, including a proposal from Cardano founder Charles Hoskinson to integrate Dogecoin as a payment method for X. This integration could be the trigger that propels Dogecoin’s user base further, driving the price toward the $1 mark.
In addition to growing wallet addresses, on-chain data shows that whale activity has been particularly pronounced. In the past 24 hours alone, whales have accumulated 180 million Dogecoins, following a week-long buying spree that saw whales scoop up 910 million coins at critical levels. Currently, Dogecoin is trading at $0.6, marking a nearly 2% rise over the last 24 hours.
Despite these positive signs, Dogecoin’s daily trading volume has seen a decline of 41.38%, leading some experts to believe this lull is just a temporary phase before a more substantial price movement. On-chain analysis also points to a DragonFly Doji pattern, suggesting a reversal of Dogecoin’s recent downtrend and a potential for future gains.
With these combined technical indicators and growing whale activity, analysts are forecasting a significant price increase for Dogecoin in the coming months, potentially boosting its value five-fold.
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