The largest memecoin Dogecoin (DOGE) continues to attract investor interest amid a significant price increase in recent weeks. In the last 24 hours, DOGE has seen an additional 10% rise, currently trading at $0.1669 with a market value of $23.93 billion. Leading analysts, including Ali Martinez, consider that the altcoin‘s price could experience a sixfold increase by mid-April.
Predictions of $1 for DOGE
While analysts remain optimistic about the future price trajectory of Dogecoin, famed crypto analyst Martinez has made a bold prediction that DOGE could reach $1 by mid-April. Martinez’s forecast is based on historical trends during Dogecoin’s previous bull markets and their parabolic rallies.
Similarly, the anonymous crypto analyst Altcoin Sherpa also revealed an expectation for Dogecoin to hit $1, aligning with Martinez’s prediction. The analyst pointed out two key resistance levels for DOGE at $0.20 and $0.35.
On-Chain Data Also Signals an Uptrend
Data provided by IntoTheBlock also supports an optimistic outlook for Dogecoin. The data reveals a significant increase in the number of ‘Dogecoin millionaires,’ who hold at least $1 million worth of DOGE. This notable rise since the end of February suggests increased investment activity among high-net-worth investors in the Dogecoin ecosystem.
As a concrete example of the increased on-chain activity of Dogecoin, it was discovered that a whale-level Dogecoin wallet address, which had been inactive for over 10 years, became active and made a move on March 7th. The data shows that the whale holds 747,645 DOGE, and the wallet owner transferred only 100 of their assets to an anonymous wallet address in a notable move.
As of the writing of this article, DOGE is trading at $0.1686, marking a 9.33% increase in the last 24 hours. Data indicates that the altcoin’s price has risen by 38.57% in the last 7 days and by 111.52% in the last 30 days.
