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Sujit Kumar
Jul 17, 2024
by Sujit Kumar

Dogecoin Poised for Breakthrough to $1 Amid Rising Adoption

dogecoin $1

Table of contents

  1. Potential Surge to $1
  2. Analysts' Bullish Predictions
  3. Resistance Levels
Dogecoin (DOGE) has reached a significant milestone, with the number of wallet addresses holding the meme coin surging to 90 million. This increase highlights Dogecoin's growing interest and adoption among investors.

Potential Surge to $1

Data from IntoTheBlock indicates that dogecoin has surpassed 90 million in total wallet addresses, with about 4.76 million currently holding DOGE tokens. This surge in addresses comes as the crypto market sees renewed investor demand and interest in Dogecoin. With this milestone, Dogecoin could potentially see its price surge to the $1 mark.

Earlier this year, DOGE, along with other prominent meme coins like Shiba Inu (SHIB), experienced double-digit gains, pushing its price to new highs. Currently, Dogecoin is rallying hard, recording a 12.57% increase after previous declines. Its trading volume has also risen significantly, surging by 65.86% in the past 24 hours, and its market capitalization is up by 3.68%. Despite market uncertainties, DOGE has been performing well.

Analysts' Bullish Predictions

Although an increased number of addresses does not guarantee a corresponding price increase, it is a positive sign of a potentially bullish trajectory. Aiden, a crypto analyst on X (formerly Twitter), has expressed bullish sentiment for Dogecoin, predicting that DOGE could hit $1 by the end of 2024. This sentiment is shared by other analysts who foresee a significant bullish position for the meme coin.

Resistance Levels

However, Dogecoin may face resistance before reaching new highs. Crypto analyst Kelvin has revealed that DOGE will need to break key resistance levels around $0.135 before it can witness a bullish surge. Another analyst suggests that if Dogecoin breaks the $0.135 resistance level, it could surge to $0.22. As of now, Dogecoin is trading at $0.122, according to CoinMarketCap.

Kelvin believes that DOGE could reach an all-time high by the end of August, potentially surpassing its previous high and surging to $1. Since its inception, Dogecoin has never reached the $1 mark, though it hit a high of $0.74 during the 2021 bull run.

As the crypto community watches with anticipation, Dogecoin's path to $1 remains a focal point for investors and analysts alike.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Dogecoin Poised for Breakthrough to $1 Amid Rising Adoption
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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