Dogecoin Hits Major Milestone: 90 Million Wallet Addresses Amid Market Surge

18 July 2024

in DOGE

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Leading meme-inspired cryptocurrency Dogecoin (DOGE) has recently hit a major milestone after seeing the number of wallet addresses holding it surpass the 90 million mark amid a crypto market recovery that saw it surge 15% in a week.

According to data from on-chain analytics firm IntoTheBlock, first reported by Bitcoinist, there are now 90 million wallet addresses holding onto the popular memecoin, although it’s worth noting that one wallet doesn’t necessarily mean one user. Anyone can create multiple DOGE wallets, while some wallets – those of exchanges, for example – may hold DOGE belonging to various users.

The milestone comes amid a resurgence in demand for the cryptocurrency within the broader crypto market and at a time in which some analysts believe this surge in addresses could propel DOGE’s price to the coveted $1 mark by year’s end.

As CryptoGlobe reported, the popular pseudonymous crypto analyst Kaleo recently shared his thoughts on the future of Dogecoin. His analysis delves into the historical performance of DOGE, its recent trends, and potential future movements.

Kaleo maintained a bullish long-term outlook, noting he believes we are currently in a “meme coin supercycle” and expects Dogecoin to eventually reach $1 to $2. However, he emphasizes that historical trends suggest there is still some time before this happens, giving investors a window to prepare.

Another popular cryptocurrency analyst suggested DOGE could soon see a price breakout to the $0.653 mark, representing a rise of over 400% from its current level.

According to a post analyst Javon Marks published on the microblogging platform X (formerly known as Twitter), it “may be a matter of time” before the meme-inspired cryptocurrency’s price breakout to its price target, up from DOGE’s current price of $0.118.

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