The number of Dogecoin (DOGE) active wallets has reached an eight-month high.
Crypto analyst Ali Martinez, Dogecoin (DOGE) He made great comments regarding its technical and basic form. Martinez believes that Dogecoin can break out of the downtrend and gain momentum. According to the analyst DOGEI can increase by 200%. One of the most important elements that can support the boom is onchain data. An increase in the number of active Dogecoin wallets could start a new bull run.
Onchain data is developing positively.
The increase in the number of active Dogecoin addresses was another reason why analysts expected a rise in DOGE. Martinez announced that active DOGE addresses reached 133,880, the highest level in the past eight months. The increase in the number of active addresses shows that investor interest in the equity has increased again and new users have arrived.
Experts see whale activity as another driver in Dogecoin’s recovery. The DOGE Wheel collected 2.07 billion DOGE in over a week. This accumulation may indicate that investor confidence in Dogecoin has increased.
Dogecoin (DOGE) has yet to live up to expectations.
One of the key factors for Dogecoin is the performance of the memecoin market. For now, most memecoins remain strong. However, DOGE has not yet achieved the expected momentum. Eagerly waiting to see if Dogecoin, which took a back seat with the start of the cat memecoin trend, will make a comeback.
Money outflows from memecoins such as cat memecoins, PEPE, NEIRO and WIF can drive the price of Dogecoin to higher levels. Also, Elon Musk’s reference to Dogecoin has the power to move the price upwards.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
