Dogecoin Price Eyes Rally As Wallet Addresses Reach All Time High
Highlights
- Dogecoin is steeling itself for an impressive rally as whales load up on the memecoin.
- The total number of Dogecoin addresses has soared to a new all-time high.
- Dogecoin is trading at $0.6 at the moment amid flurry of ecosystem activity.
After Dogecoin wallet addresses reached a new all-time high, analysts are tapping the memecoin to embark on a rally. Dogecoin price could spike in the coming days, buoyed by a streak of positive fundamentals and on-chain data.
Dogecoin Wallet Addresses Reaches 83.48 million
Community members are expecting Dogecoin price to surge in the coming days following a raft of positives for the memecoin. On March 4, the number of Dogecoin addresses reached an all-time high of 83.48 million, signaling strong ecosystem activity.
On-chain analyst Ali Martinez broke the milestone on X, fuelling a buzz among the community’s bulls. Rising wallet addresses are typically indicative of a spike in the number of users or new speculative interest among investors.
For now, pundits are pinning the new highs on a slew of integrations including a proposal by Cardano founder Charles Hoskinson to integrate DOGE for X payments. The proposal may have triggered the march to 83 million addresses setting the stage for a push to $1.
Whale Activity Indicates New Dogecoin Price Action
On-chain data confirms heightened Dogecoin whale activity in recent days. In the last 24 hours, whales have accumulated 180 million Dogecoins, building on a weeklong buying spree.
At the start of the week, Dogecoin whales gobbled up 910 million coins at critical levels for the memecoin, indicative of a rally for the memecoin. Dogecoin price is hovering around the $0.2 mark, rising by nearly 2% over 24 hours. Weekly charts show that Dogecoin has canceled its gains from the altcoin-themed Crypto Strategic Reserve.
Despite the all-time high for wallet addresses, Dogecoin’s daily trading volumes are down by 41.38% in what experts are terming as the lull before the storm.
Onchain analytics reveals that Dogecoin closed with a DragonFly Doji, suggestive of the reversal of its recent downtrend. Analysts say the accumulation of technicals points to a 5-fold increase in Dogecoin price in the coming months.
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