Dogecoin Hits Major Milestone Amid Crypto Market Rebound, Will This Send Price To $1?
Release: 2024/07/17 11:00 Reading: 209
Dogecoin (DOGE) has hit a significant milestone: the number of wallet addresses holding the popular dog-themed meme coin has surged to 90 million. This massive increase underscores Dogecoin's rising interest and adoption among investors.
Dogecoin Could Hit $1 with New Milestone
According to data from IntoTheBlock, Dogecoin has surpassed the 90 million threshold in total number of addresses. This includes wallet addresses that have ever held DOGE tokens and still retain the meme coin. Currently, there are about 4.76 million addresses holding DOGE tokens.
This surge in Dogecoin wallet addresses comes amid a resurgence in investor demand and interest in the crypto market. With this recent milestone, Dogecoin could see its price climb towards the $1 mark.
Earlier this year, DOGE and other meme coins like Shiba Inu (SHIB) experienced double-digit gains, pushing their prices to new highs. The cryptocurrency is currently rallying hard, recording a 12.57% increase after experiencing multiple declines previously.
Dogecoin's trading volume has also risen significantly over the past 24 hours, surging by 65.86%. Its market capitalization is up by 3.68%, indicating that DOGE has been performing relatively well despite market uncertainties.
While the increased number of addresses does not guarantee a corresponding increase in price, it is a positive sign that the cryptocurrency is on a potentially bullish trajectory. Crypto analysts, including Aiden, are expressing bullish sentiment for Dogecoin, predicting a major breakthrough to $1 by the end of 2024.
DOGE to Face Slight Resistance before Upside
While DOGE could see its price rally to new highs driven by market sentiment and investor demand, it may face several resistances on its bullish path. Crypto analyst Kelvin believes Dogecoin will need to break key resistance levels around $0.135 before it can experience a bullish surge. If this resistance level is broken, the cryptocurrency could potentially surge to $0.22.
As of writing, Dogecoin is trading at $0.122 according to CoinMarketCap. Kelvin believes DOGE could reach an all-time high by the end of August, which would mean surpassing its previous high of $0.74 set during the 2021 bull run.
Since its inception, Dogecoin has never reached the $1 price point; however, this new milestone suggests that it has the potential to do so.
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