- Dogecoin (DOGE), one of the largest meme coins in terms of market capitalization, has experienced a 26% loss from its peak in 2023.
- According to the on-chain data tracking platform Santiment, the Dogecoin network has welcomed approximately 413,800 new wallets in just two weeks.
- The increase in Dogecoin adoption may indicate a significant recovery by pushing its price upward.
Thousands of new wallets have been added to the Dogecoin network in the last 2 weeks: What is the current outlook for DOGE price? Here are the reports!
Current On-Chain Reports for the Dogecoin Network
Dogecoin (DOGE), one of the largest meme coins in terms of market capitalization, has experienced a 26% loss from its peak in 2023. However, this meme coin is witnessing a significant increase in wallet adoption. This could be a catalyst for a strong recovery in DOGE price in the near future.
According to the on-chain data tracking platform Santiment, the Dogecoin network has welcomed approximately 413,800 new wallets in just two weeks. This represents the fastest growth in its ten-year history. These wallets typically contain between 0.001 and 1 DOGE, indicating an expanding base of small-scale investors entering the market.
The increase in Dogecoin adoption may indicate a significant recovery by pushing its price upward. Additionally, crypto analysts have made optimistic short-term and long-term predictions for DOGE price. An analyst at Trading Oasis on X has set a target of $0.34 for Dogecoin.
The analyst noted that Dogecoin has a triangle consolidation on the weekly chart, showing smart money accumulation. Therefore, the crypto analyst concluded that Dogecoin could surpass the $0.1073 resistance level, and such a breakout would inevitably result in a 225-fold increase.
Another crypto analyst at X, Ali Martinez, previously pointed out that DOGE had the narrowest Bollinger Bands on the 4-hour chart since October 5, 2023. Therefore, he predicted increased price volatility in the near future. Meanwhile, analyst Crypto Patel posted a bullish price prediction for DOGE, expecting it to reach $3 during the current bull run but limiting his initial target to $1.
How is the Dogecoin Price Doing?
The Dogecoin price is currently holding at $0.078. As of the time of writing on February 6th, Tuesday, the DOGE price dropped by 0.43% to $0.07845. The market capitalization of the memecoin stood at $11.21 billion. On the other hand, the 24-hour trading volume for DOGE increased by 14.97%, reaching $235.31 million.
During the price decline, DOGE was rejected from the peak of $0.08003, falling to $0.07762. The crypto lost nearly 4% in the last seven days by going below the $0.079 level. However, due to the increases at the end of January, the 30-day loss fell below 2%.
According to the data, Dogecoin is currently in a strong downward trend. The moving averages indicator on TradingView gives a ‘Strong Sell’ signal for DOGE. Additionally, the Dogecoin price is well below the 50-day and 100-day EMAs, which are currently at $0.0819 and $0.0808, indicating a strong downward trend.
