Dogecoin Sees 60,000 New Holders in 10 Days: DOGE "Parabolic Surge" Approaching
In recent days, the number of new Dogecoin (DOGE) investors has increased, suggesting that the price may rebound like the surge from September 23 to December 12. During this period, the price of DOGE rose from $0.10 to $0.47.
Will this sudden influx of holders act as a catalyst for a breakout, or will the meme coin drop again?
Investors Holding New Dogecoin Positions at Historical Support
From November 22 to December, the total number of Dogecoin holders decreased from 7.14 million to 6.8 million. Interestingly, this drop occurred as DOGE's rebound lost momentum, with the price falling from $0.47 to $0.39.
This price decline and decrease in the number of holders indicate a significant amount of profit-taking at that time. However, as of the time of writing, on-chain data from Santiment indicates that the situation has now changed.
According to the data from the analysis platform, the number of DOGE holders has surged to 6.68 million. This means that in the past 10 days, 60,000 new holders have actively added the meme coin to their wallets.
The surge in the number of holders is often seen as a bullish signal, indicating that the cryptocurrency is attracting retail investors. Additionally, this occurs at a time when crypto whales continue to play a significant role in the token's direction. If this trend continues, the price of DOGE may exceed $0.42.
The ratio of Market Value to Realized Value (MVRV) supports this argument. MVRV measures the ratio between the current price of the coin and the average price at which it was purchased. This indicator also assesses whether the asset is overvalued or undervalued.
Once validated, the price of DOGE could rise to $0.60. In a highly bearish scenario, the value of the meme coin could approach the $1 mark.
