Nov 13, 2024
6thTrade
The meme-inspired cryptocurrency Dogecoin ($DOGE) has recently experienced an impressive surge, climbing over 140% in the past week to trade above $0.40. This price spike comes amid a larger market rally in the cryptocurrency world, with Dogecoin standing out as a major player.
According to data from on-chain analytics firm Santiment, this rise in Dogecoin's value has coincided with a significant increase in user interest. Over the past week, 74,885 new wallets holding less than 100,000 DOGE each have been created, showing how smaller investors are jumping on the Dogecoin bandwagon. At the same time, however, there’s been a decrease in the number of larger "shark" and "whale" wallets, which hold substantial DOGE quantities, with a net reduction of around 350 addresses.
Interestingly, in just the past few days, some of these larger wallets have started to make a comeback. This resurgence includes 108 new shark and whale addresses that seem to have joined the network recently, potentially giving Dogecoin’s price yet another boost.
Popular cryptocurrency analyst Ali Martinez believes that Dogecoin’s rally might be far from over. In a post shared on X (formerly known as Twitter), Martinez hinted that the cryptocurrency could be on the cusp of a parabolic upward trend. He pointed to historical price patterns and Fibonacci retracement levels, suggesting that if DOGE continues on this trajectory, its price could eventually hit a range between $3.95 and $23.26—a significant leap from current levels.
In recent days, Dogecoin has even outperformed Bitcoin, which itself has seen a 25% increase in the last week. Adding to Dogecoin’s momentum, last month saw its largest spike in active addresses in the past six months, with over 84,000 addresses participating in transactions on the blockchain. This surge in network activity suggests that interest in Dogecoin isn’t just rising—it’s thriving, fueled by both a wave of new investors and some returning larger players looking to catch the next big wave.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
