The meme-inspired cryptocurrency Dogecoin ($DOGE) has surged more than 140% in the past week, trading above the $0.4 mark, amid a broad rally in the cryptocurrency market.
The price increase comes as the number of cryptocurrency network users continues to grow, with 74,885 new wallets created in the past week, each holding just under 100,000 DOGE, according to on-chain analytics firm Santiment.
According to the company’s data, the number of shark and whale wallets has declined simultaneously, with a net decrease of 350 addresses over the same period. However, these large wallets have recently seen a resurgence, with 108 new addresses appearing in the past few days, which has helped drive DOGE’s price higher.
However, according to a popular cryptocurrency analyst, DOGE’s price surge could be just the beginning of a larger uptrend that could see the meme-inspired cryptocurrency trading in a range of $3.95 to $23.26, CryptoGlobe reported.
In a post shared on microblogging platform X (formerly known as Twitter), analyst Ali Martinez said DOGE is about to “go parabolic” based on historical patterns, which show that a potential top could occur between the 1.618 and 2.272 Fibonacci retracement levels, ultimately “translating into a price range of $3.95 to $23.26.”
The cryptocurrency has been outperforming Bitcoin over the past few days, with the flagship cryptocurrency itself up about 25% over the past seven days. Last month, Dogecoin saw its “largest increase in active addresses in the past six months,” CryptoGlobe reported, with the number of active addresses on its blockchain recently surging to over 84,000.
