Whale Activity is Up
Despite a recent crypto market slump, Dogecoin (DOGE) is showing some surprising strength. The number of wallets holding at least 1 million DOGE has jumped significantly. This means big investors, often called “whales,” are accumulating DOGE, possibly betting on a price increase. Since early February, the number of these “Dogecoin millionaire” wallets has climbed by 62, a 1.24% increase. Daily active addresses have also soared, hitting their highest point since mid-November 2024. This increased activity suggests growing confidence in DOGE. Historically, more large holders has often meant a price increase for DOGE.
A Potential Turning Point?
The increase in large holders, combined with other positive signals, hints at a possible turnaround for DOGE. Market analysis suggests that increased utility and smart money are pointing towards a potential price surge.
The Price is Still Down…For Now
However, it’s important to remember that DOGE’s price is still volatile. It’s down over 40% in the last month, currently trading around $1.67. The overall market downturn is still impacting DOGE.
A $1 Target?
Despite the current price, some analysts are predicting a significant price jump for DOGE. One analyst, Trader Tardigrade, points to a recent “Doji” candle on the weekly chart. A Doji candle suggests indecision in the market, often preceding a price reversal. Trader Tardigrade believes this could signal a move towards $1 before the end of 2025 – a massive increase of almost 500% from the current price.
The Bottom Line
While DOGE’s price is currently low, the increase in large wallet holders and positive technical analysis hints at a potential bullish future. However, it’s crucial to remember that the crypto market is unpredictable, and this is just one perspective.
