Dogecoin Adds 410K New Wallets, DOGE Price To Rebound?

Dogecoin (DOGE), the largest meme coins by market cap, has lost 26% from the high attained in 2023. However, the meme coin is observing a significant surge in wallet adoption. This could be a catalyst in propelling the DOGE price toward a strong rebound in the near future.

Increase In Dogecoin Wallet Adoption

In just two weeks, the Dogecoin network has welcomed about 413,800 new wallets, according to Santiment, an on-chain data tracking avenue. This represents the fastest growth in its decade-long history. These wallets predominantly contain between 0.001 to 1 of DOGE, indicating a broadening base of small-scale investors entering the market.

The increase in Dogecoin adoption could push its price up, marking a significant rebound. In addition, crypto analysts have rolled out promising predictions for the DOGE price both in the short and long term. Trading Oasis, a crypto trading signals provider on X, marked a $0.34 target for Dogecoin.

The analyst noted that Dogecoin is boasting a triangle consolidation, which is a basing out pattern, indicating smart money accumulation on the weekly chart. Hence, the crypto analyst concluded that Dogecoin could breakout from the resistance of $0.1073. Moreover, he added that in case of such a breakout, a 225x surge is imminent.

Earlier, Ali Martinez, another crypto analyst on X, noted that the Bollinger Bands on DOGE’s 4h chart on February 5 noticed the tightest squeeze since October 2023. Therefore, he predicted increased price volatility soon. Whilst, analyst Crypto Patel posted an ambitious price prediction for DOGE. He noted that he expects the Dogecoin price to hit $3 in the current bull run, however, he limited his first target to $1.

Also Read: SUI Price Is Up 100% In 2024, But Why Are ETH, DOGE, And OP Breaking Out?

Dogecoin Price Today

The Dogecoin price is currently holding the $0.078 level. At press time, the DOGE price slumped 0.43% to $0.07845 on Tuesday, February 6. Whilst, the King of meme coins held a market cap of $11.21 billion. On the contrary, the trading volume for DOGE surged 14.97% to $235.31 million in the last 24 hours.

Amid the price dump, DOGE fell to a low of $0.07762 after being rejected from the high of $0.08003. The crypto has lost nearly 4% in the last seven days after slumping lower than the $0.079 level. However, the 30-day loss amounted to less than 2% owing to the spikes in late January.

According to TradingView analytics, Dogecoin is engulfed in a strong bearish trend currently. The moving averages meter on TradingView expresses a ‘Strong Sell’ signal for DOGE. Moreover, the Dogecoin price is currently much lower than the 50-day and 100-day EMAs of 0.0819 and 0.0808, hinting at a strong bearish trend.

Also Read: Is Dogecoin Price Poised For Extreme Volatility Amid Dip Below $0.079?