Is DOGE Ready for $2? Rising Network Activity and Whale Accumulation Say Yes
- The rise in large DOGE wallets indicates that institutional investors and wealthy individuals are optimistic about investing in this cryptocurrency.
- 86% of Dogecoin enthusiasts have a positive outlook on the cryptocurrencys future growth.
- The MA100 support level has remained steady for a week, and experts believe the Dogecoin price will break out once market stability returns.
- Market analysts expect DOGEs price to move toward $2 based on past market trends.
Dogecoin (DOGE), along with other meme coins, faced major instability during a two-month downturn in the crypto market. Despite the price drop, the utility of DOGE continues to expand, and investors are showing increasing confidence in the coin.
Market analysts have identified two important trends in the Dogecoin ecosystem: more wallets now hold 1 million DOGE, and active addresses have reached a four-month high. These factors indicate that the DOGE price could soar in the near future, especially as the broader crypto market begins to stabilize.
Dogecoin Network Activity Hits Highest Level Since 2022
Recent analysis from crypto market intelligence platform Santiment revealed that the number of wallets holding more than 1 million DOGE has grown by 62 since early February, representing a 1.24% increase. Whales have continued to buy Dogecoin as they see positive market signals that suggest profits for their investments in the long term.
Source: X (@santimentfeed)
For instance, Dogecoins network activity has hit its highest level since November 2022, with more than 150,000 individual DOGE addresses interacting with their wallets daily. This uptick in active addresses signals a rise in transaction volume and ongoing engagement within the DOGE community. It also proves that the coins practical use goes beyond speculation.
Dogecoin Poised For $2 Target
With the rise in active addresses holding DOGE, its price has stabilized around $0.17, up by 4% in the last week. Interestingly, an analysis conducted by analyst InvestingScope suggests that DOGE could move further upward to reach $2.00.
Meanwhile, current on-chain data indicates that DOGE is still below its 1-week average value (MA50), signaling bearishness in the short term. Its future price growth relies on market conditions and investors perceptions of this cryptocurrency.
Source: InvestingScope (TradingView)
Support for Dogecoin Remains Positive
The current sentiment around DOGE is optimistic, with a survey by CoinMarketCap showing that 86% of investors are bullish about the leading memecoin, while only 14% express bearish concerns. This survey, which has about 328,200 participants, proved that more investors still view DOGE favorably despite fluctuations in its market value.
Market data also supports this positivity surrounding Dogecoin. Despite the coins recent price drops, large-scale investors keep buying DOGE.
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Text source: TronWeekly
