Dogecoin Outperforms XRP, ADA in Key Metrics – DOGE Price Has 3-Digit Growth Potential
Amid the memecoin boom in the first four months of 2024, DOGE outperformed XRP, ADA and several other major altcoins and nearly beat both Bitcoin and ETH but still could not match TON.
The latest report from onchain analytics platform Santiment shows that Bitcoin, the world's largest cryptocurrency, has hit an all-time high of#0addresses, reaching 53.85 million wallets over the past six months.
Toncoin (TON) wallet rose to a high of 16,800. However, this network has grown at a much faster rate than BTC.
In terms of growth rate, TON tops the list with a whopping 110% increase, reaching a total of 16,800#0wallets in the past half year.
Dogecoin followed with 27% growth and reached the milestone of 6.6 million wallets to date.
Bitcoin and Ethereum saw modest increases of 10% and 11%, however, their wallet numbers jumped to 53.9 million and 120.7 million respectively. XRP and ADA are at the bottom of the list, below Bitcoin.
XRP wallet#0increased by 7% (5.2 million total) while ADA was flat, remaining at 4.5 million wallets.
Bullish outlook for DOGE
Analyst Ali Martinez shared a bullish outlook for DOGE. He explained that the correction that Dogecoin is currently experiencing is normal and was observed before DOGE started a past bull run in 2017, when DOGE broke out of a descending triangle pattern gradually.
Back then, memecoin dropped 40% in price before embarking on a whopping 982% price increase. A similar scenario plays out in 2021; The 56% retracement preceded the 12,197% rally to an all-time high.
Now, Dogecoin has once again broken out of the same pattern and is expected to spark a bull run.
