Dogecoin’s price fell on Tuesday, reversing some gains made on Monday. According to Santiment’s on-chain metrics, the number of Dogecoin 
$0.3903 holders has significantly decreased, with approximately 106,600 non-empty wallets lost since October 8.
Dogecoin Price MVRV Metric Indicates Overvaluation
Data from Santiment reveals that the number of active addresses peaked at a six-month high of 133,880 on October 10. However, at the time of writing, Dogecoin’s price declined by 2.5%, settling at $0.1131, while the number of active addresses quickly diminished. This indicates a substantial drop in user activity.
“Dogecoin holders are rapidly disappearing. Since October 8, there has been a net reduction of about 106,600 non-empty DOGE wallets. Users are expressing disappointment over the performance of the largest meme coin and swiftly turning to other opportunities.”
Nevertheless, market analysts have recently drawn attention to the $0.20 price level for DOGE. They believe that recent trends show positive signs for a potential upward movement. Currently, DOGE is trading at the $0.113 level, with trading volume increasing by over 100%. This surge could act as a catalyst to push Dogecoin’s price upwards.
Moderate Growth Expected in 2024 with Significant Upside Potential in 2025
Considering the anticipated recovery of the overall cryptocurrency market in 2024, Dogecoin’s price is expected to show a fair increase between $0.12 and $0.25. While general market consolidation may limit growth, positive sentiment, active community support, and renewed interest could drive the price higher.
With a better bull market and significant technological advancements, DOGE’s value could increase substantially by 2025. Predictions indicate a range of $0.22 to $0.50. This increase would be supported by rising adoption, momentum, and partnerships driving demand and price movements.
The decrease in the number of Dogecoin holders and the MVRV metric indicating overvaluation are putting pressure on the price. However, market conditions and potential developments offer some positive signals for future price movements.
