Dogecoin (DOGE) Is Flashing Bullish Signals Despite the Broader Market Retrace

Dogecoin (DOGE) is flashing bullish signals despite the broader market retrace, as the number of wallets holding 1 million DOGE has surged considerably.

Dogecoin (DOGE) price has flashed some bullish signals despite the broader market retrace, as the number 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 sharp rebound to the $1 target.

Dogecoin Millionaire Wallets Skyrocket

Dogecoin, along with many other meme coins and altcoins in the market, has faced a two-month crypto-wide retrace, but large holders seem to be taking advantage of the price dip. According to reports from market intelligence platform Santiment, the amount of wallet addresses holding at least 1 million DOGE tokens has steadily increased, suggesting that whales are accumulating rather than selling.

Since early February, the amount of DOGE millionaire addresses has seen a 1.24% increase, with an addition of 62 wallets. Additionally, active addresses have soared past 150,000 per day, reaching the highest level since mid-November 2024.

This increased network activity signals sustained user engagement and surging interest and confidence from whales. Moreover, a rising wallet count suggests that users are entering the market again, driving adoption and increasing trading activities.

Historically, increased wallet numbers among large holders have correlated with bullish trends in the Dogecoin price. This is because, cumulatively, these whales hold a significant portion of the cryptocurrency circulating supply.

If Dogecoin continues to see a surge in its millionaire wallets and active addresses, it could set the stage for a strong rebound once the broader market stabilizes. Santiment also shares a similar sentiment, as its report reveals that an increase in Dogecoin’s utility and smart money signals a potential turning point soon.

Currently, the meme coin’s price action remains uncertain due to the market’s downturn. Dogecoin continues to face significant volatility and declines. Its price has crashed by over 40% in the past month, pushing it down to $1.67, according to CoinMarketCap.

Dogecoin Bulls Target $1 Price Surge

While its network records a rise in large holder wallets, Dogecoin’s price has been forecasted to reach the coveted $1 mark in this bull cycle. Sharing a technical chart analysis of the meme coin’s price action, 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 a nearly identical open and close crypto price. This candle signals a potential trend reversal, particularly if a cryptocurrency is at the end of a strong downtrend or uptrend.

According to Trader Tardigrade, Dogecoin’s weekly Doji candle indicates a reversal to the upside. If the cryptocurrency can continue on its upward momentum, the analyst projects a surge to $1 before the year 2025. This surge would represent a massive 498% price increase from DOGE’s current market lows.