The Dogecoin price could be that on the edge of a parabolic waveas recent data shows a significant increase in the number of new daily addresses on the Dogecoin network. With the US presidential election With the results set to be released soon, meme coins like Dogecoin are seeing a surge of interest from investors, recording price increases that indicate the potential for significant upside in the post-election period.
Dramatic increase in new addresses
In an X (formerly Twitter) after on November 4, crypto analyst Ali Martinez revealed new growth in the Dogecoin network, highlighting that more than 35,000 new DOGE addresses are made daily. This significant increase indicates a substantial influx of new Dogecoin users or investors joining the meme coin’s network.
An increase in the number of new daily addresses reflects growing adoption and renewed interest in Dogecoin. Martinez revealed that despite the recent dip in the Dogecoin price this week, the meme coin appears to still be on investors’ most wanted crypto list DOGE Network continues to expand with new addresses.
More often than not, a increase in the number of new addresses correlates with greater trading volume. As more users join the Dogecoin Communitythere will be a notable increase in buying and selling, which ultimately improves the liquidity of the token and leads to potential upward pressure on prices. If ask for meme coins grows, this increase in new addresses could also cause parabolic growth in Dogecoin prices.
Amid the recent surge in the number of Dogecoin addresses, Martinez has a optimistic forecast for the number one meme coin. When asked by a member of the crypto community whether Dogecoin could ever see a 35,000% rise to $58, Martinez responded with a more measured objective, predicting that the Dogecoin price will likely rise to $1.8.
In particular, a 35,000% increase may seem overly ambitious, considering that the Dogecoin price has only peaked at $0.73 and has consistently traded below $1 since inception. Despite this lofty prediction, the Dogecoin price has risen according to CoinMarketCap by 11.84% in the last 24 hours and 54.39% in the last month.
Analyst sees Dogecoin price rising to new ATH
Crypto analyst Javon Marks has done just that made a bullish forecast for the Dogecoin price, with a prediction of a potential rise to new record highs. Marks revealed that despite Dogecoin’s recent market pullback, the meme coin is still well positioned to deliver excellent performance in this market cycle.
The analyst believes that Dogecoin could rise to higher ATHs and potentially experience a 345% surge above the $0.739 mark. Adding to this sentiment, another crypto expert identified as ‘Satoshi Flipper’ on X has also done so predicted that Dogecoin could soon reach the coveted $1 mark.
The analyst suggests a victory for Donald Trump in the US presidential election and the launch of Tesla’s CEO Elon Musk’s DOGE proposal could catalyze a significant price increase for Dogecoin.
Featured image created with Dall.E, chart from Tradingview.com