Dogecoin Aims for a Bullish Rebound Amid Market Fluctuations
Dogecoin (DOGE), despite recent challenges in the cryptocurrency market, is showcasing promising signs of a potential upswing. A significant increase in the number of wallets holding 1 million DOGE indicates growing interest from major players, hinting at a possible price surge toward the $1 mark.
Surge in Dogecoin Millionaire Wallets
In a period marked by widespread market corrections impacting various meme coins and altcoins, Dogecoin has seen an intriguing development. Large holders appear to be capitalizing on the current price slump. Market intelligence from Santiment reveals a notable rise in wallet addresses containing at least 1 million DOGE, suggesting a trend of accumulation by whales rather than selling off assets.
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Since early February, there has been a remarkable increase of 62 wallets in the DOGE millionaire category, equating to a 1.24% rise. Furthermore, the number of active addresses has surged to over 150,000 daily, marking the highest level of engagement since November 2024. This uptick in network activity signifies a robust user participation and a growing confidence among major holders.
The expanding wallet count is a positive indicator, suggesting that more users are entering the market, thereby boosting adoption and trading activity. Historically, an increase in large holder wallets has correlated with bullish trends in Dogecoin’s price. These whales collectively hold a substantial portion of the circulating supply, influencing market dynamics.
If this trend of rising millionaire wallets and active addresses continues, Dogecoin could be poised for a robust recovery once the overall market stabilizes. Santiment’s report aligns with this perspective, highlighting an increase in Dogecoin’s utility and smart money movements as potential indicators of an impending market shift.
Dogecoin Bulls Eye the $1 Price Milestone
Amidst the growing number of substantial holder wallets, Dogecoin’s price trajectory is being closely watched, with forecasts suggesting a potential rise to the $1 benchmark in the current bull cycle. Technical analysis shared by Trader Tardigrade highlights a crucial pattern in the meme coin’s price movement, where the weekly candle closed with a Doji formation.
A Doji candle is a neutral pattern that reflects indecision between buyers and sellers, characterized by nearly identical opening and closing prices. This pattern often signals a potential trend reversal, especially when observed at the end of a strong downward or upward trend.
Trader Tardigrade interprets Dogecoin’s weekly Doji candle as an indication of an upward reversal. Should the cryptocurrency maintain its upward momentum, the analyst anticipates a significant price increase, projecting a surge to $1 by the end of 2025. This represents a substantial 498% growth from DOGE’s current market lows.
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