After Dogecoin Wallet Addresses Reaches a New All-Time High, Analysts Are Tapping the Memecoin to Embark on a Rally

Community members are expecting Dogecoin price to surge in the coming days following a raft of positives for the memecoin.

After Dogecoin (CRYPTO: DOGE) wallet addresses reached a new all-time high, analysts are tapping the memecoin to embark on a rally. Dogecoin price could spike in the coming days, buoyed by a streak of positive fundamentals and on-chain data.

What Happened: Community members are expecting Dogecoin price to surge in the coming days following a raft of positives for the memecoin.

On March 4, the number of Dogecoin addresses reached an all-time high of 83.48 million, signaling strong ecosystem activity.

On-chain analyst Ali Martinez broke the milestone on X, fuelling a buzz among the community’s bulls. Rising wallet addresses are typically indicative of a spike in the number of users or new speculative interest among investors.

For now, pundits are pinning the new highs on a slew of integrations including a proposal by Cardano (CRYPTO: ADA) founder Charles Hoskinson to integrate DOGE for X payments. The proposal may have triggered the march to 83 million addresses setting the stage for a push to $1.

“After a recent proposal by Cardano founder Charles Hoskinson to integrate Dogecoin into X (formerly Twitter) for payments, interest in the memecoin has soared,” said Martinez.

“In the past 24 hours, 180 million $DOGE were accumulated by entities with a balance of 1 million+ $DOGE. At the beginning of the week, these whales had already accumulated 910 million $DOGE at critical levels.”

At the time of writing, Dogecoin is trading at $0.2, recovering slightly from recent lows. The coin is up 2% over 24 hours but has seen a 41.38% decrease in daily trading volume.

Top Gainers, Losers (Last 7 Days)

CoinPriceChange %

CronosMVInearly 100%

OptimismOptimism Tokennearly 90%

LivepeerLPE46.3%

ChainlinkLINK34.6%

StacksSTX33.8%

BitcoinBTC-1.3%

EtherETH-0.6% 0

SolanaADA-0.4%

CardanoSOL-0.3%

What’s Next For Dogecoin

Despite the new highs for wallet addresses, Dogecoin has seen a lull in trading activity.

“We are observing a decline in daily trading volumes, suggesting reduced interest from traders in actively buying and selling the cryptocurrency,” said Global Block, a U.S.-based digital asset mining, staking and blockchain infrastructure provider.

“This lull could be setting the stage for a future surge in trading activity as we approach the next leg of the uptrend.”

Onchain analytics also revealed that Dogecoin closed with a DragonFly Doji, which occurs when the open and close prices are nearly identical, while the high and low prices are significantly different.

This technical pattern is usually observed at the end of a trend reversal.

“The technicals are setting up for a 5x increase in the coming months,” said one analyst.