Dogecoin (DOGE) is flashing bullish signals despite the broader market retrace, because the variety of wallets holding 1 million DOGE has surged considerably. With the Dogecoin millionaire club finally making big moves again, DOGE bulls are aiming for a pointy rebound to the $1 goal.
Dogecoin Millionaire Wallets Skyrocket
Dogecoin, together with many other meme coins and altcoins available in the market, has faced a two-month crypto-wide retrace, but large holders appear to be making the most of the value dip. In line with reports from market intelligence platform Santiment, the variety of wallet addresses holding no less than 1 million DOGE tokens has steadily increased, suggesting that whales are accumulating moderately than selling.
Since early February, the quantity of DOGE millionaire addresses has surged by 62 wallets, marking a 1.24% increase. Moreover, energetic addresses have skyrocketed past 150,000 per day, the best level since mid-November 2024.
This increased network activity signals sustained user engagement and a surging interest and confidence from whales. Furthermore, a rising wallet count suggests that users are entering the market again, driving adoption and increasing trading activities.
Historically, increased wallet numbers amongst large holders have correlated with bullish trends within the Dogecoin price. It’s because, cumulatively, these whales hold a significant slice of the cryptocurrency circulating supply.
If Dogecoin continues to see a surge in its millionaire wallets and energetic addresses, it could set the stage for a strong rebound once the broader market stabilizes. Santiment also shares an analogous sentiment, as its report reveals that a rise in Dogecoin’s utility and smart money signals a possible turning point soon.
Currently, the meme coin’s price motion stays uncertain as a consequence of the market’s downturn. Dogecoin continues to face significant volatility and declines. Its price has crashed by over 40% prior to now month, pushing it right down to $1.67, in response to CoinMarketCap.
Dogecoin Bulls Goal $1 Price Surge
While its network records an increase in large holder wallets, Dogecoin’s price has been forecasted to achieve the coveted $1 mark on this bull cycle. Sharing a technical chart evaluation of the meme coin’s price motion, Trader Tardigrade revealed that the weekly candle has closed with a Doji.
A Doji candle is a neutral candlestick pattern that signifies indecision between buyers and sellers. It also shows an almost similar open and shut crypto price. This candle signals a potential trend reversal, particularly if a cryptocurrency is at the top of a powerful downtrend or uptrend.
In line with Trader Tardigrade, Dogecoin’s weekly Doji candle indicates a reversal to the upside. If the cryptocurrency can proceed on its upward momentum, the analyst projects a surge to $1 before the top of 2025. This surge would represent a large 498% price increase from DOGE’s current market lows.
Featured image from Unsplash, chart from Tradingview.com
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