Dogecoin revival: Active Addresses Soar to Highest Level in 8 Months

An expert believes that DOGE is about to experience a massive price pump, unprecedented since December 2021, as the landscape of Crypto Assets indicates it is ready to break through.

Cryptocurrency analyst Ali Martinez has evaluated the technical prospects of the Token and stated that if the current pattern continues, the price of DOGE could pump 200% in the coming weeks.

Martinez observed that DOGE was able to break through years of downward trend and pointed out that this usually leads to a rise in the price of this memecoin. He pointed out that historically, the price of DOGE rose 200% after the breakthrough.

He predicted that DOGE may break through the key level of $0.2236, a level not seen since December 2021. At the end of September, DOGE saw a pump, with prices surging 25%. However, DOGE failed to sustain the pump momentum and fell again to $0.11. Other analysts also hold the same prediction, stating that if the currency successfully breaks the level of $0.1120, it is very likely to easily break through the key level of $0.1315 this month.

However, analysts urge traders to be cautious about the potential pump price of DOGE, and point out that there is usually a 60% retracement in previous breakthroughs before gaining momentum for a rise trend.

The increase in active DOGE addresses is a major factor that analysts bet on the possibility of a significant pump in the price of this cryptocurrency. Martinez revealed that the number of active DOGE addresses has reached its highest level in nearly eight months, soaring to 133,880. The increase in active addresses indicates that people's interest in this token has recovered, and the number of new users has recently surged. This also means that more traders are helping to drive the rise of this token.

For example, about 110,000 investors are flocking to Dogecoin, making the Token ahead of its Cryptocurrency competitors Shibа Inu and Pеpе. The rise in volume indicates that the Token is attracting traders seeking quick profits.

Experts also believe that the Whale activity is another driving factor behind the resurgence of DOGE. Over the course of more than a week, Whale (the major holder of this meme coin) has accumulated at least 2.07 billion DOGE, the highest level since January.

This purchase indicates that the trader's confidence in the Token continues to increase. In past cases, large purchases have often led to significant price adjustments, which are indicators of future market trends. An analyst pointed out that whales will not make large purchases unless they see the future price pump.

(Data Source: Christian Encila)