Dogecoin Hits Major Milestone Amid Crypto Market Rebound, Will This Send Price To $1?

Dogecoin (DOGE) has hit a significant milestone, as the number of wallet addresses holding the popular doggy themed meme coin has surged to 90 million. This massive increase underscores Dogecoin’s rising interest and adoption amongst investors. 

Dogecoin Could Hit $1 With New Milestone

According to data from IntoTheBlock, Dogecoin has surpassed the 90 million threshold in total number of addresses. This includes wallet addresses that have ever held DOGE tokens and still retain the meme coin. Sharing a chart from Global In/Out of the Money (GIOM), the number of DOGE addresses that currently hold DOGE tokens is about 4.76 million (In the Money). 

This surge in the amount of Dogecoin wallet addresses comes at a time when the crypto market is witnessing a resurgence in investor demand and interest in the dog themed meme coin. With this recent milestone, Dogecoin could see its price surging to the $1 mark. 

Earlier this year, DOGE amongst other prominent meme coins like Shiba Inu (SHIB) had witnessed double digit gains that had pushed its price to new highs. Presently, the cryptocurrency is rallying hard, recording a 12.57% increase after experiencing multiple declines previously. 

Dogecoin’s trading volume has also risen significantly over the past 24 hours. Its trading volume has surged by 65.86%, and its market capitalization is up by 3.68%. Despite the market uncertainties, DOGE has been performing relatively well. 

Although its increased number of addresses does not guarantee a corresponding increase in its price, it is a positive sign that the cryptocurrency is on a potentially bullish trajectory. Aiden, a crypto analyst on X (formerly Twitter) has also expressed bullish sentiment for Dogecoin. 

According to the analyst, DOGE could witness a major breakthrough to $1 by the end of 2024. This sentiment is shared by a few other analysts who foresee a significant bullish position for the popular meme coin soon.

DOGE To Face a Slight Resistance Before Upside

While DOGE could see its price rallying to new highs, driven by a shift in market sentiment and investor demand, the cryptocurrency could also face several resistances on its bullish path. A crypto analyst, Kelvin, has revealed that Dogecoin will have to break key resistance levels around $0.135 before it can witness a bullish surge. 

Another analyst has revealed that if Dogecoin breaks the $0.135 resistance level, the cryptocurrency could witness a surge to $0.22. As of writing Dogecoin is trading at $0.122, according to CoinMarketCap. 

Kelvin believes that DOGE could reach an all-time high by the end of August. This would mean that the cryptocurrency would have to surpass the previous high to potentially surge as high as $1.

Since it’s inception, Dogecoin has never reached the $1 price mark, however it has reached a massive all time high of $0.74 during the bull run in 2021.

Featured image created with Dall.E, chart from Tradingview.com