The number of holders of Dogecoin (DOGE), the world’s largest meme coin, has dropped dramatically recently, with new data confirming that the number of active long-term holders has fallen to its lowest level in six months. Amid this bearish trend, one cryptocurrency analyst remains optimistic about Dogecoin’s price outlook, believing that it will soon hit a new all-time high (ATH) of $10.

The number of Dogecoin holders has dropped sharply

Market intelligence platform Santiment has revealed a rather pessimistic trend among Dogecoin investors and holders. The platform revealed in an X (original Twitter) post on October 15 that the number of active Dogecoin holders is declining at a fairly rapid rate.

According to its report, there has been a net loss of about 106,600 non-empty wallets since Tuesday, October 8. Non-empty wallets here refer to crypto wallets that contain at least some DOGE tokens. Santiment shared a chart showing the decline in the Dogecoin holder base and revealed that the total number of Dogecoin holders is currently estimated at 6.62 million. This number is the lowest value of the DOGE holder base since April 25, 2024.

The net decrease of 160,600 suggests that more people are selling or removing DOGE tokens from their wallets than buying the meme coin. In light of this, Santiment has noticed a shift in investor sentiment and interest in Dogecoin.

The market intelligence platform revealed that many traders who invested in Dogecoin have become frustrated by the meme coin’s poor market performance. As a result, traders, especially those seeking short-term gains, are moving away from Dogecoin and looking for cryptocurrencies that could quickly increase in price.

According to CoinMarketCap, as of this writing, Dogecoin is trading at $0.12, having risen slightly in recent weeks. It appears that Dogecoin has gained 10% and 17% in the past week and month, respectively, but this is not enough for many investors.

As the hottest meme coin in the market, many expected Dogecoin to surge higher for massive gains. However, the cryptocurrency’s recent volatile performance and inability to reach the coveted $1 mark has many investors concerned.

Analyst raises DOGE price target to $10

Amid the decline in the number of Dogecoin holders, one cryptocurrency analyst remains highly optimistic about the price prospects of the meme coin.X analyst Dima James Potts has once again reiterated his previous prediction that Dogecoin will reach $10.

In an August 8 article on X, Potts predicted that Dogecoin will see a significant price increase in 2025. At the time, the analyst made the prediction based on DOGE’s historical patterns and past performance, highlighting that in the two previous market cycles, Dogecoin soared 9,000% and 18,000% in 2017 and 2021, respectively.

Now, the analyst is reinforcing his previous predictions, stressing that history cannot be changed while claiming that a $10 surge in Dogecoin’s price seems inevitable.

DOGE price recovers from lows