According to CryptoPotato, despite Dogecoin’s recent poor performance, some indicators related to it have seen a strong recovery. Crypto market intelligence platform Santiment revealed that non-empty Dogecoin wallets have grown by 13.8% in the past three months. This number saw a significant increase at the end of February, which coincided with the beginning of Dogecoin’s price increase, with its value soaring from $0.08 on February 26 to over $0.20 a month later. Currently, DOGE is worth approximately $0.14.
In addition, Santiment also revealed how Bitcoin and Cardano performed in this regard. BTC has more than 53.8 million non-empty wallets, an increase of 2.6% in 90 days, while ADA recorded a 0.01% drop in the same period, with about 53 million addresses.
Analyst Ali Martinez said the meme coin has entered a consolidation phase, having previously been in a “descending triangle.” He claimed that if DOGE can replicate its performance from a few years ago, it could reach the $1 milestone.