DOGE to the Moon? 1 Million Wallets and Counting—$1 Next Stop!
Jakarta, Pintu News – Amidst the uncertainty plaguing the overall crypto market, the Dogecoin price continues to show resilience by holding above the crucial $0.16 support level.
Increased address activity as well as massive accumulation by whale DOGE further strengthened its position.
On-chain indicators and technical analysis both hint at positive momentum, which could potentially push this meme coin to reach higher price levels in the near future.
Has the Dogecoin Price Rally to $1 Just Begun?
Leading crypto analyst, Trader Tardigrade, highlights an important development in the weekly chart of Dogecoin (DOGE). The latest candle closed as a doji, a pattern that is often considered a signal of a potential trend reversal.
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As seen in the chart, this trend reversal could propel Dogecoin’s price recovery to reach $1 or more. Tardigrade traders also compared this pattern to historical movements, where similar doji formations have preceded large spikes in DOGE prices before.
Optimism among traders has increased with the formation of this pattern. As long as DOGE is able to stay above the $0.16 support, the uptrend remains likely. On March 18, 2025, the Dogecoin price briefly rose 3.05% to $0.1675, with daily trading volume jumping 13% to over $1.06 billion.
In addition, data from Coinglass shows DOGE options trading volume increased by 31%, surpassing $96 billion. Some market analysts even predicted that Dogecoin could experience a parabolic rally to over $20.
DOGE Address Activity Explodes! A Signal for Price Hikes?
In the past two months, the meme coin sector experienced a major correction, including Dogecoin (DOGE) which lost 37% of its value in the monthly chart. However, at the current support level, DOGE’s address activity jumped dramatically.
Blockchain analytics platform Santiment uncovered a promising trend: the number of wallets holding at least 1 million DOGE continues to increase, despite the price drop.
In addition, the number of active DOGE addresses reached its highest level in four months, signaling renewed interest from holders and traders.
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Even so, DOGE still needs a boost from the overall crypto market to maintain the upward trend. In addition, positive news regarding the Dogecoin ETF could also be an additional trigger. According to a Coingape report, if BlackRock files for a DOGE ETF this year, the price of DOGE could skyrocket to $50.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coingape. Dogecoin Price Eyes Rally to $1 As One Million DOGE Wallets Rising. Accessed on March 19, 2025
