As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless bull and bear runs, market crashes, and miraculous recoveries. The recent decline in Dogecoin’s holder base does not deter me from my optimistic outlook for this meme coin.
dogecoin (DOGE), the globally recognized meme cryptocurrency, has experienced a significant drop in its holder numbers lately. New information indicates that the count of active long-term holders has dropped to a six-month minimum. Despite this bearish trend, a crypto analyst remains hopeful about DOGE’s future price predictions, suggesting it could potentially hit unprecedented All-Time Highs (ATH) of $10 soon.
Dogecoin Holder Base Sees Rapid Decline
According to Santiment, a Market Intelligence platform, there’s a growing bearish sentiment among Dogecoin investors and owners. On October 15, they shared on X (previously Twitter) that the active Dogecoin holders are rapidly decreasing at an alarming rate, indicating potential downward trends for the crypto.
Since October 8th, around 106,600 wallets holding some DOGE tokens have experienced a net decrease, according to recent reports. Santiment’s chart shows an estimated 6.62 million Dogecoin holders currently, which is the lowest number since April 25, 2024.
160,600 units of net sell-off suggests that more individuals are either offloading or removing Dogecoin tokens from their digital wallets than those purchasing the meme currency. As a result, Santiment observes a change in investor attitude and enthusiasm towards Dogecoin.
It appears that many individuals who put their money into Dogecoin are voicing dissatisfaction due to the digital coin’s disappointing market trends. Consequently, these traders, particularly those focused on quick profits, are switching to other cryptocurrencies, hoping to find one with faster price growth.
Currently, Dogecoin is being traded at around $0.12. Over the last few weeks, it has seen modest increases. Based on data from CoinMarketCap, its recent 10% jump and 17% rise over the past week and month haven’t seemed to persuade a large number of investors yet.
With Dogecoin being the leading meme currency in the market, there’s a lot of anticipation for a significant price increase that could bring massive returns to investors. Lately, though, Dogecoin’s performance has been up and down, and it hasn’t managed to break through the $1 barrier yet, which is causing some unease among its investors.
Analyst Doubles Down On $10 Price Target For DOGE
Despite a decrease in the number of Dogecoin holders, crypto analyst Dima James Potts from X remains extremely optimistic about the future value of this meme coin, even going as far as reaffirming his initial forecast that Dogecoin could reach $10.
Back in an earlier post on August 8, analyst Potts forecasted a significant price jump for Dogecoin by the year 2025. His prediction was rooted in Dogecoin’s past trends and achievements, pointing out that during the last two market cycles, Dogecoin saw increases of around 9,000% and 18,000%. These impressive surges occurred in 2017 and 2021 respectively.
As a crypto investor, I find myself in agreement with the analyst’s current stance, which mirrors his earlier prediction. It seems that the historical trajectory of Dogecoin points towards an almost unavoidable $10 price surge.
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2024-10-17 03:04