Dogecoin Holder Base Falls To 6-Month Low, But Analyst Believes DOGE Price Is Headed To $10
October 16 2024 - 7:00PM
NEWSBTC
Dogecoin (DOGE), the world’s largest meme coin has recently seen a
sharp decline in its holder base, with new data confirming that the
number of active long-term holders has fallen to a six-month low.
Amidst this bearish development, a crypto analyst remains
optimistic about Dogecoin’s price outlook, believing that it can
reach new All-Time Highs (ATH) of $10 soon. Dogecoin Holder
Base Sees Rapid Decline Santiment, a Market Intelligence platform
has unveiled a rather bearish trend involving Dogecoin investors
and holders. The platform revealed in an X (formerly Twitter) post
on October 15 that the number of active Dogecoin holders is falling
at a significantly rapid pace. Related Reading: Bitcoin
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Based on its reports, there has been a net loss of approximately
106,600 non-empty wallets since Tuesday, October 8. A non-empty
wallet here refers to a crypto wallet that contains at least some
DOGE tokens. Sharing a chart illustrating the decline in the
Dogecoin holder base, Santiment revealed that the total number of
Dogecoin holders is estimated currently at 6.62 million. This
figure marks the lowest the DOGE holder base has ever been since
April 25, 2024. The net drop of 160,600 indicates that more people
are either selling off or withdrawing the DOGE tokens from their
wallets than those buying the meme coin. In light of this,
Santiment has noted a shift in investors’ sentiment and interest in
Dogecoin. The market intelligence platform has disclosed that
many traders who had invested in Dogecoin are expressing
frustration about the meme coin’s poor market performance. As a
result, traders, especially those looking for short-term gains, are
moving away from Dogecoin in search of a cryptocurrency that might
offer rapid price increases. As of writing, Dogecoin is
trading at $0.12, experiencing slight upticks over the weeks,
according to CoinMarketCap. It appears the meme coin’s 10% surge
and 17% increase in the past week and month respectively, has not
been enough for many investors. As the top meme coin in the
market, many expect a dramatic DOGE surge to occur in order to reap
immense benefits. However, the cryptocurrency’s recent fluctuating
performance and inability to reach the coveted $1 mark has left
many investors concerned. Analyst Doubles Down On $10 Price Target
For DOGE Amidst the decline in the Dogecoin holder base, a crypto
analyst remains highly bullish on the meme coin price outlook. Dima
James Potts, an analyst on X has doubled down on his earlier
prediction that Dogecoin is headed to $10. Related Reading: Crypto
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In a previous X post on August 8, Potts predicted that Dogecoin is
gearing up for a major price increase in 2025. At the time, the
analyst based his forecast on DOGE’s historical patterns and past
performance, highlighting that in the two previous market cycles,
Dogecoin had surged 9,000% and 18,000% in 2017, and 2021
respectively. Now the analyst is reinforcing his earlier
prediction, emphasizing that history cannot be changed, while
asserting that a $10 price surge for Dogecoin was seemingly
inevitable. Featured image created with Dall.E, chart from
Tradingview.com
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