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The biggest meme coin by market capitalization, Dogecoin (DOGE), has dropped by 26% from its peak in 2023. On the other hand, wallet acceptance for the meme coin is significantly increasing. This might act as a trigger for the price of DOGE to rise sharply in the near future.
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Adoption of Dogecoin Wallets Is Growing
About 413,800 new wallets have joined the Dogecoin network in just two weeks, according to Santiment, an on-chain data tracking platform. In its ten-year existence, this is the quickest growth. The majority of these wallets have between 0.001 and 1 DOGE in them, which suggests that more small-scale investors are joining the market.
As more people use Dogecoin, its price may rise and experience a notable upturn. Furthermore, positive short- and long-term projections for the price of DOGE have been released by cryptocurrency analysts. The cryptocurrency trading signals service Trading Oasis on X set a $0.34 goal for Dogecoin.
On the weekly chart, the analyst saw that Dogecoin was displaying a triangle consolidation, a basing out pattern that suggests wise money accumulation. The cryptocurrency researcher came to the conclusion that Dogecoin might break out from the $0.1073 resistance. Furthermore, he stated that a 225x increase is expected in the event of such a breakout.
Prior to this, another X cryptocurrency researcher, Ali Martinez, reported that on February 5, the Bollinger Bands on DOGE's 4h chart showed the tightest squeeze since October 2023. He therefore forecasted impending price volatility to rise. Analyst Crypto Patel, however, published a bold price forecast for DOGE. He stated that he believes the current bull run in Dogecoin prices will reach $3, although he set a $1 first objective.
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Dogecoin's Current Price
At the moment, the price of Dogecoin is keeping steady at $0.078. The price of DOGE fell 0.43% to $0.07845 as of press time on Tuesday, February 6. The market capitalization of the King of Memes was $11.21 billion at the time. Conversely, over the past day, DOGE's trading volume increased by 14.97% to $235.31 million.
After being rejected from the high of $0.08003 during the price dump, DOGE dropped to a low of $0.07762. After plunging below the $0.079 mark, the cryptocurrency has lost almost 4% of its value over the past seven days. But because of the late-January surges, the 30-day loss was less than 2%.
Dogecoin is currently engulfed in a strong negative trend, per TradingView statistics. For DOGE, the TradingView moving averages meter indicates a "Strong Sell" signal. Additionally, there appears to be a significant bearish trend as the price of Dogecoin is currently much lower than the 50-day and 100-day EMAs of 0.0819 and 0.0808, respectively.