Dogecoin (DOGE) has reached a major milestone, as the number of wallet addresses holding the popular dog-themed meme coin has climbed to 90 million. The massive increase underscores Dogecoin’s rise interest and adoption among investors.
Dogecoin Could Hit $1 With New Milestone
According to data from In the blockDogecoin has surpassed the threshold of 90 million total addresses. This includes wallet addresses who previously held DOGE tokens and still hold the coin itself. Sharing a graph from Global In/Out of the Money (GIOM), the number of DOGE Addresses who currently hold DOGE tokens is approximately 4.76 million (In the Money).
This increase in the number of Dogecoin wallet addresses comes at a time when the cryptocurrency market is seeing a resurgence in demand and investor interest in the dog-themed meme coin. With this recent milestone, Dogecoin could see its price up to $1.
Earlier this year, DOGE, among other top meme coins like Shiba Inu (SHIB), had seen double-digit gains that pushed its price to new highs. Currently, the cryptocurrency is on a strong rally, registering a 12.57% increase after experiences multiple declines previously.
Dogecoin’s trading volume has also increased significantly in the last 24 hours. Its trading volume has jumped by 65.86% and its market capitalization has increased by 3.68%. market uncertainties, DOGE has performed relatively well.
While its increased number of addresses does not guarantee a corresponding increase in its price, it is a positive sign that the cryptocurrency is on the right track. potentially bullish trajectoryAiden, a crypto analyst on X (formerly Twitter) also expressed bullish sentiment for Dogecoin.
According to the analyst, DOGE could witness a major breakout to $1 by the end of 2024. This sentiment is shared by a few other analysts who predict a significant bullish stance for the popular meme coin soon.
DOGE likely to face slight resistance before moving higher
While DOGE could see its Prices hit new highsDriven by a shift in market sentiment and investor demand, the cryptocurrency could also face several resistances on its upward trajectory. A crypto analyst, Kelvin, revealed that Dogecoin will have to break key resistance levels around $0.135 before it can see an upward push.
Another analyst has revealed that if Dogecoin breaks the $0.135 resistance level, the cryptocurrency could see a surge to $0.22. At the time of writing, Dogecoin is trading at $0.122, according to CoinMarketCap.
Kelvin believes that DOGE could reach an all-time high by the end of August. This would mean that the cryptocurrency would have to surpass the previous high to potentially reach $1.
Since its inception, Dogecoin has never reached the $1 mark, but it did reach a massive all-time high of $0.74 during the 2021 bull run.
Featured image created with Dall.E, chart by Tradingview.com
