This article is available in Spanish.
Dogecoin (DOGE)the world’s largest meme coin has recently seen a sharp drop in the number of holders, with new data confirming that the number of active long-term holders has fallen to a six-month low. Amid this bearish development, one crypto analyst remains bullish on Dogecoin’s price prospects, believing it could soon reach new All-Time Highs (ATH) of $10.
Dogecoin holder base sees rapid decline
Santiment, a Market Intelligence platform, has previously revealed bearish trend involving Dogecoin investors and holders. The platform unveiled in an X (formerly Twitter) after on October 15 that the number of active Dogecoin holders is declining at a significantly rapid pace.
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Based on the reports, there has been a net loss of approximately 106,600 non-empty wallets since Tuesday, October 8. A non-empty wallet here refers to a crypto wallet that contains at least some DOGE tokens. Sharing a graph illustrating the decline in the economy Dogecoin holder baseSantiment revealed that the total number of Dogecoin holders is currently estimated at 6.62 million. This figure is the lowest the DOGE holder base has ever been since April 25, 2024.
The net drop of 160,600 indicates that more people are selling or withdrawing the DOGE tokens from their wallets than those who buying the meme coin. In light of this, Santiment has noticed a shift in investor sentiment interest in Dogecoin.
The market intelligence platform has revealed that many traders who had invested in Dogecoin are expressing their frustration with the the poor market performance of meme coins. As a result, traders, especially those looking for short-term profits, are turning away from Dogecoin in search of a cryptocurrency that could offer rapid price appreciation.
At the time of writing, Dogecoin is trading at $0.12, experienced slight increases according to CoinMarketCap over the weeks. It seems the meme coin’s 10% and 17% gains over the past week and month respectively haven’t been enough for many investors.
Many are the best meme coin on the market to expect there will be a dramatic DOGE wave to gain massive benefits. However, the cryptocurrency’s recent fluctuating performance and inability to reach the coveted $1 mark has caused this worried many investors.
Analyst doubles $10 price target for DOGE
Amid the decline in the number of Dogecoin holders, one crypto analyst remains highly optimistic about the price prospects for meme coins. Dima James Potts, an analyst at X, doubled down on his previous forecast Dogecoin goes to $10.
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In a previous one X message on August 8, Potts predicted that Dogecoin is prepare for a big price increase in 2025. At the time, the analyst based his prediction on DOGE’s historical patterns and past performance, highlighting that Dogecoin had risen 9,000% and 18,000% in the two previous market cycles in 2017 and 2021, respectively.
Now the analyst is reinforcing his earlier prediction, emphasizing that history cannot be changed while claiming that a $10 price increase for Dogecoin was seemingly inevitable.
Featured image created with Dall.E, chart from Tradingview.com