The largest memecoin Dogecoin (DOGE) has lost 26% of its value from the all-time high it reached in 2023. However, the altcoin is facing a significant increase in wallet production. This situation could serve as a catalyst pushing DOGE’s price towards a strong recovery in the short term.
Dogecoin Sees Surge in Wallet Usage and 225-Fold Increase Expectation
According to on-chain data provider Santiment, the Dogecoin network has added about 413,800 new wallets in just the last two weeks. This corresponds to the fastest growth in its decade-long history. These wallets predominantly hold between 0.001 and 1 DOGE, indicating an increase in the number of small-scale investors entering the market.
The increase in adoption for Dogecoin could lead to a significant recovery by driving its price upwards. In addition, cryptocurrency experts have made promising predictions for DOGE’s price in both the short and long term. Crypto trading signals provider and analyst Trading Oasis has set an ambitious target for Dogecoin, expecting it to reach $0.34.
The analyst pointed out that Dogecoin is consolidating within a triangle formation on the weekly chart, which indicates smart money accumulation. Consequently, the cryptocurrency analyst added that if Dogecoin breaks the $0.1073 resistance, a 225-fold increase could be on the table.
Previously, experienced cryptocurrency analyst Ali Martinez noted on February 5th that DOGE’s 4-hour chart Bollinger Bands (BB) were facing the tightest squeeze since October 2023. Therefore, he predicted that volatility in the altcoin would increase soon. Analyst Crypto Patel also made an ambitious price prediction for DOGE, expecting it to reach $3 during the current bull run, although he limited his initial target level to $1.
Current Price Situation of DOGE
DOGE’s price is currently holding at $0.078. The altcoin has retreated to $0.07845, a 0.43% decrease over the last 24 hours, at the time this article was prepared. The altcoin currently has a market value of $11.21 billion. In contrast, DOGE’s trading volume has increased by 14.97% in the last 24 hours, reaching $235.31 million.
Amidst the price drop, DOGE fell to $0.07762 after bouncing back from the $0.08003 level. The altcoin has lost about 4% in value over the past seven days after falling below the $0.079 level. However, the loss over the last 30 days was less than 2% due to the surprise rises at the end of January.
