Increase in Dogecoin Wallet Adoption
Over the past two weeks, the Dogecoin network has seen a surge of approximately 413,800 new wallets being created. This rapid growth is the highest the network has experienced in its history. These new wallets primarily hold between 0.001 to 1 DOGE, indicating that more small-scale investors are entering the market.
This increase in wallet adoption could potentially lead to a significant rebound in the price of Dogecoin. Crypto analysts have also made optimistic predictions about the future price of DOGE, both in the short and long term. Trading Oasis, a crypto trading signals provider, has set a target of $0.34 for Dogecoin.
Dogecoin Price Today
Currently, the price of Dogecoin is holding steady at around $0.078. As of Tuesday, February 6, the DOGE price has dropped by 0.43% to $0.07845. The market cap for Dogecoin stands at $11.21 billion, while the trading volume has increased by 14.97% to $235.31 million over the past 24 hours.
Despite this price drop, DOGE has only lost about 4% in the last seven days and less than 2% over the past month due to spikes in late January. However, according to TradingView analytics, Dogecoin is currently experiencing a strong bearish trend. The moving averages meter on TradingView indicates a “Strong Sell” signal for DOGE, and its price is currently below both the 50-day and 100-day EMAs.
Hot Take: Can Dogecoin Rebound?
While Dogecoin has experienced a decline in price recently, there are several factors that could potentially lead to a rebound. The significant increase in wallet adoption suggests growing interest and investment in DOGE. Additionally, optimistic price predictions from crypto analysts indicate potential gains in the near future.
However, it’s important to note that the current bearish trend and resistance levels may pose challenges for Dogecoin’s price recovery. Investors should closely monitor market trends and consider these factors before making any investment decisions regarding Dogecoin.
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