Dogecoin ($DOGE) has surged over 140% in the past week. It now trades above $0.4. This rise has come during a broader market rally and is fueled by a sharp increase in new users joining the network.
Source: X
According to on-chain analytics firm Santiment, Dogecoin saw 74,885 new wallets created over the last week. Each wallet holds less than 100,000 DOGE, which signals growing retail interest. At the same time, larger holders known as sharks and whales saw their numbers drop by 350 addresses. Despite this drop, 108 new large wallets have appeared in recent days, adding more buying power to Dogecoin's market.
Ali Martinez, a popular cryptocurrency analyst, believes this rally could be just the start. He predicts that Dogecoin could go parabolic soon, hitting prices between $3.95 and $23.26. Martinez points to historical trends and Fibonacci retracement levels, which often show key moments of strong movement. If this trend plays out, Dogecoin could surpass expectations and reach new highs.
Dogecoin has also outperformed Bitcoin in recent days. While Bitcoin increased by 25% over the past week, Dogecoin’s surge has been much stronger. Last month, Dogecoin saw its biggest spike in active addresses in six months, with 84,000 wallets becoming active. This level of activity shows that users are not just holding DOGE. They are actively trading and transferring it, keeping the network dynamic and strong.
Analyst Insights on Dogecoin's Future
Source: KuCoin
Opinions about Dogecoin’s future are mixed. Increased retail interest and growing institutional involvement give a strong base for this rally. Crypto analyst @ali_charts highlighted potential short-term corrections based on the TD Sequential indicator. He noted sell signals for Dogecoin on 4-hour and 12-hour charts, with another forming on the daily chart. These signals suggest Dogecoin may pull back before going higher. Corrections often provide a chance for new buyers, giving fresh momentum to the rally.
Crypto Twitter influencer WIZZ has a different take. He expects Dogecoin to hit $1 soon and outperform other top digital assets. WIZZ also mentioned rumors that Dogecoin could become integrated into X for payments. If this happens, it would greatly increase Dogecoin's use and boost its value. Integration into a major platform like X would be a game-changer, moving Dogecoin beyond its status as a meme asset.
Elon Musk remains central to Dogecoin's story. His influence over the crypto space is significant. Recent rumors suggest Musk could take part in Donald Trump’s new administration, possibly leading a Department of Government Efficiency, nicknamed D.O.G.E. Musk has always been a vocal supporter of Dogecoin. His support and the potential government involvement have clearly added excitement, pushing Dogecoin higher.
Dogecoin’s rapid price rise and the influx of new wallets signal belief in its potential. If analysts are right, Dogecoin could push beyond $3.95 or even reach above $20. With key figures like Musk backing it, Dogecoin is no longer just a joke. It is evolving into a major digital asset with growing use cases.
Read More: Dogecoin Soars 80% in 1 Week as Trump Introduces 'DOGE' Department, Backed by Musk and Ramaswamy
Conclusion
Dogecoin is making headlines once again. Nearly 75,000 new wallets appeared in a single week, helping drive a 140% price surge. Analysts predict this could be just the beginning. With Elon Musk’s involvement and possible integration into X, Dogecoin's future looks bright. Whether due to hype or increased adoption, Dogecoin is gaining momentum, and the market is watching closely.
