- Dogecoin wallets with non-zero DOGE token holdings are growing at a fast pace.
- Dogecoin added 413,800 new wallets mostly holding 0.0001 to 1 DOGE in the past two weeks.
- DOGE price is at risk of declining to $0.074 before a recovery in Dogecoin.
Dogecoin network’s wallet growth observed a boost in the number of non-zero balance DOGE wallet addresses. DOGE price has struggled to keep up with the pace of Dogecoin’s adoption among market participants.
DOGE price is likely to correct lower to $0.074.
Also read: CYBER Price Forecast: Rally to $8 likely as CyberWallet crosses 900,000 deployments
Dogecoin wallet growth fails to catalyze price recovery
On-chain intelligence tracker Santiment observed that DOGE price declined by nearly 23% between December 9 and February 6. The meme coin’s network added 413,800 new wallets in a two-week timeframe, most of them holding 0.001 to 1 DOGE.
The pace of wallet growth is one of the fastest-recorded rates in Dogecoin’s decade-long existence.
DOGE wallets with non-zero balance. Source: Santiment
DOGE price could suffer further correction
Dogecoin price is likely to correct further as wallet growth fails to catalyze DOGE price recovery. DOGE price has been range bound between its January 29 high of $0.083 and February low of $0.077. At the time of writing, DOGE price is $0.078 on Binance.
DOGE price is likely to correct to support at $0.0759 before a bounce and a rally to its resistance at $0.087. This is likely since the two price levels have acted as support/resistance, consistently, since April 2023.
If bulls succeed in pushing DOGE price past its resistance at $0.087, the meme coin could target the 50% Fibonacci Retracement of the decline between December 11 and January 8, at $0.090.
The two green bars on the Awesome Oscillator (AO) and the green bars on the Moving Average Convergence Divergence (MACD) support the thesis of a recovery in DOGE price. Once the meme coin sweeps support at $0.0759 a recovery is likely.
DOGE/USDT 1-day chart
A daily candlestick close below the February low of $0.077 could invalidate the thesis of price recovery and DOGE price could nosedive to $0.074 in its downward trend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Pi Network rally halts under $0.80 as traders speculate about upcoming ecosystem announcement
Pi Network’s recent price action sends multiple buy signals, but resistance under $0.80 appears to be capping the uptrend. The Pi Network team teases a major announcement on May 14, fueling speculation and trader interest on the coin.
Bitcoin Weekly Forecast: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.
Dogecoin price jump above $0.20 triggers $13 million in liquidations
Dogecoin price edges higher after stepping above $0.20 and climbing to trade around $0.21 at the time of writing on Friday. The leading meme coin's uptrend mirrors a broad-based bullish wave in the market, triggered by the trade agreement between the US and the UK on Thursday.
XRP price could hit $3 on $50M SEC settlement
Ripple and the SEC strike a $50 million settlement agreement pending judicial approval. A joint motion in the US District Court aims to lift Ripple’s injunction and release $125M in escrowed penalties.
Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin (BTC) price is stabilizing around $103,000 at the time of writing on Friday after rallying nearly 10% this week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.