Dogecoin Sees Sharp Decline: Over 106,000 Wallets Abandon The Memecoin

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This projection is particularly ambitious given that Dogecoin’s all-time high of $0.7316 was reached in May 2021, leaving the token down over 83% from those peak levels.  Related Reading: Bitcoin Rally Expected: Standard Chartered Eyes New High Of $73,800 Pre-US Election Despite the challenges posed by declining investor interest and the absence of catalysts to drive the price upward, there remains a bullish sentiment in the market.

Frustration Grows Among Dogecoin Investors According to data from blockchain analytics firm Santiment, the number of Dogecoin holders has significantly decreased, with a net drop of 106,600 non-empty wallets since October 8.  The firm believes that this decline reflects growing frustration among traders regarding DOGE’s lackluster price performance, which has led them to explore other memecoins that might offer more immediate returns.

In a recent social media post on X (formerly Twitter), crypto analyst Ali Martinez has noted a fresh buy signal on Dogecoin’s four-hour chart, suggesting that the token may see additional price gains in the coming days.  In his analysis, Martinez also pointed out an uptrend pattern on DOGE’s weekly chart, indicating potential for further growth in the months ahead.

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Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets: United Kingdom

Topics: Crypto news Dogecoin analysis Dogecoin (DOGE) Dogecoin price chart Dogecoin price Dogecoin Dogeusdt Crypto Dogecoin price analysis Dogecoin news

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Published On: 2024-10-16 @ 10:30:08 (10 hours ago)

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Language: English

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