Dogecoin Wallet Growth Surges Despite 23% Price Dip: A Sign of Rising Popularity?

• Dogecoin's wallet growth surges despite a 23% price drop, highlighting its rising popularity amidst market volatility.
• Tight Bollinger Bands signal potential high volatility for Dogecoin, with price swings expected to intensify soon.
• Despite a bearish trend, optimistic predictions for Dogecoin suggest a potential $3 target, indicating a bullish sentiment among analysts.

Dogecoin, the leading meme coin in the cryptocurrency market, has recently experienced a significant decline in value, plunging by 23% since its peak on December 9th. As highlighted by Santiment, an analytic platform, the number of Dogecoin wallets holding more than 0 DOGE coins has surged at an unprecedented rate in the network's history.

Over the past two weeks, 413.8 thousand new wallets, mainly containing between 0.001 and 1 DOGE, have joined the network. This growth in wallet numbers contrasts sharply with Dogecoin's price trajectory, highlighting the cryptocurrency's increasing popularity even as its value struggles.

Crypto analyst Ali Martinez has raised concerns about Dogecoin's future price volatility, pointing out a significant tightening in the Bollinger Bands on Dogecoin's 4-hour chart, a phenomenon not seen since October 2023.

Read full article at CryptoTale.