Dogecoin Adoption Soars: 60,000 New DOGE Holders in 10 Days Could Trigger Rally

Dogecoin Holders Surge, Fueling Bullish Outlook

Dogecoin (DOGE) holders have witnessed a significant increase of 60,000 in just 10 days, reaching 6.68 million as investors anticipate an impending rally. Crypto analyst Ali Martinez predicts that DOGE could reach $3 if it replicates its price movements from 2017 and 2021; however, it could potentially climb to $18 if the momentum intensifies.

Despite a recent decline in DOGE's price, on-chain data reveals a bullish outlook. The number of DOGE holders has grown substantially, indicating increased demand. Whales have also been actively accumulating DOGE, purchasing over 200 million coins to reach a combined balance of 10.59 billion tokens.

Market indicators support the bullish thesis. The Market Value-to-Realized Value (MVRV) has reversed to 0.69%, suggesting that the unrealized profit is increasing. Additionally, the meme coin's daily chart exhibits a bull flag pattern, indicating potential for further gains.

Martinez's technical analysis draws parallels between DOGE's current market movement and its behavior in 2017 and 2021. He anticipates that DOGE could reach $3 and potentially touch $18 if it continues to trade within an ascending channel.

This prediction aligns with previous reports that suggest DOGE could achieve a $3 target within the current cycle. The dip in DOGE's price below $0.40 presents a buying opportunity for investors. Martinez initially made this prediction in November, estimating a potential surge of 4,500%.

Source: Ali Martinez