Dogecoin (DOGE) may increase by 200 percent: Analyst evaluates.

The number of active wallets in Dogecoin (DOGE) has reached its highest level in the last eight months.

Cryptocurrency analyst Ali Martinez made striking comments on the technical and fundamental appearance of Dogecoin (DOGE). Martinez thinks that Dogecoin may break out of its downtrend and make sharp increases. According to the analyst, a 200 percent increase in DOGE may occur. One of the most important factors that can support the rise is onchain data. The increase in the number of active Dogecoin wallets may be a harbinger of a new bull run.

The increase in the number of active addresses in Dogecoin was another reason why analysts expected an increase in DOGE. Martinez announced that active DOGE addresses reached their highest level in the last eight months, reaching 133,880. The increase in the number of active addresses shows that investors' interest in the parity has increased again and new users are coming.

Experts see whale activity as another driving force behind Dogecoin’s revival. DOGE whales have accumulated 2.07 billion DOGE in just over a week. This accumulation may indicate that investors are growing confident in Dogecoin.

One of the factors that will be important for Dogecoin is the performance of the memecoin market. For now, most memecoins are looking strong. However, DOGE has not yet gained the expected momentum. It is eagerly awaited whether Dogecoin, which has been in the background with the start of the cat memecoin trend, will make a comeback.

Possible outflows from memecoins such as cat memecoins, $PEPE , $NEIRO and $WIF could push the Dogecoin price to higher levels. In addition, Elon Musk’s reference to Dogecoin has the power to trigger the price upwards.

#CryptoDeNostradame #ParrotBambooCrypto