Dogecoin (DOGE) has reached a major milestone as the number of wallet addresses holding the popular dog-themed meme coin has risen to 90 million. This massive increase underscores the rising value of Dogecoin interest and acceptance among investors.
Dogecoin Could Hit $1 With New Milestone
According to data from IntoTheBlockDogecoin has surpassed the 90 million threshold in total addresses. This includes wallet addresses who once held DOGE tokens and still hold the meme coin. Sharing a chart of Global In/Out of the Money (GIOM), the number of DOGE addresses that currently owns DOGE tokens is approximately 4.76 million (In the Money).
This surge in the number of Dogecoin wallet addresses comes at a time when the crypto market is witnessing an upsurge in investor demand and interest in the dog-themed meme coin. With this recent milestone, Dogecoin is said to be price rises to the $1 mark.
Earlier this year, DOGE, alongside other prominent meme coins such as Shiba Inu (SHIB), had achieved double-digit gains that had pushed its price to new highs. Currently, the cryptocurrency is rallying hard, with a 12.57% increase after experiencing multiple drops earlier.
Dogecoin’s trading volume has also increased significantly over the past 24 hours. The trading volume has increased by 65.86% and the market cap has increased by 3.68%. Despite the market uncertainties, DOGE is performing relatively well.
While the increased number of addresses does not guarantee a corresponding price increase, it is a positive sign that the cryptocurrency is in good shape. potentially bullish trajectoryAiden, a crypto analyst on X (formerly Twitter), has also expressed his positive feelings about Dogecoin.
According to the analyst, DOGE would witness a major breakout to $1 by the end of 2024. This sentiment is shared by a few other analysts who foresee a significant bullish position for the popular meme coin soon.
DOGE will face slight resistance before the price moves higher
While DOGE is price rises to new heightsDriven by a shift in market sentiment and investor demand, the cryptocurrency could also face several resistances on its bullish path. A crypto analyst, Kelvin, has revealed that Dogecoin will have to break through main resistance levels around $0.135 before a bullish rise can occur.
Another analyst has revealed that if Dogecoin breaks the $0.135 resistance level, the cryptocurrency could see a surge to $0.22. At the time of writing, Dogecoin is trading at $0.122, according to CoinMarketCap.
Kelvin believes that DOGE could reach an all-time high by the end of August. This would mean the cryptocurrency would have to surpass its previous peak to potentially rise to $1.
Since its inception, Dogecoin has never reached the $1 mark. However, during its 2021 boom, the coin reached a whopping high of $0.74.
Main image created with Dall.E, chart from Tradingview.com