Dogecoin's Jump in Non-Empty Wallets Sparks Optimism for Future Upswing

Dogecoin has seen a resurgence in activity, with a 13.8% increase in non-empty wallets over the past three months. This coincides with a temporary spike in its value, leading analysts to predict a potential significant rise in DOGE's price, with targets ranging up to $1.

Dogecoin's Non-Empty Wallets Surge, Fueling Optimism for Future Price Rise

In a recent development, Dogecoin has witnessed a significant increase in its non-empty wallets, indicating a surge in the number of active users holding the cryptocurrency. According to data from Santiment, a crypto market intelligence platform, non-empty DOGE wallets have increased by 13.8% over the past three months. The growth aligns with the temporary spike in Dogecoin's value during that period.

Notably, a substantial increase in non-empty DOGE wallets was observed towards the end of February, coinciding with the time when the cryptocurrency's price began its upward trajectory. Dogecoin's value surged from $0.08 on February 26 to over $0.20 a month later. Currently, DOGE is valued at approximately $0.14, according to CoinGecko's data.

In comparison, Bitcoin's non-empty wallets exceeded 53.8 million, representing a 2.6% rise over the same 90-day period. Conversely, Cardano recorded a 0.01% decrease, with around 53 million addresses.

Amidst Dogecoin's recent price fluctuations, analysts remain optimistic about its potential for significant growth in the near future. Ali Martinez, a prominent crypto commentator, suggests that Dogecoin has entered a consolidation phase after following a "descending triangle" pattern. Martinez predicts that DOGE could reach the $1 milestone if it mirrors its performance from previous years.

JAVON MARKS and Mikybull Crypto share similar bullish sentiments. MARKS describes Dogecoin's recent correction as a "healthy pullback," emphasizing the token's remarkable price increase since the beginning of the year.

"With prices still holding broken out, pullbacks may only assist prices in a >315% uphill run to the $0.6553 target," MARKS envisions.

The surge in non-empty DOGE wallets and the positive outlook from analysts suggest a growing belief in Dogecoin's potential as a valuable cryptocurrency. While its price may have seen some volatility recently, the increased activity and bullish predictions indicate that the Dogecoin community remains committed to its growth and long-term prospects.