Dogecoin Gains 60,000 New Holders in 10 Days: Is a Parabolic Rally Looming?

Dogecoin (DOGE) sees a surge of 60,000 new holders in just 10 days, hinting at bullish momentum. Historical patterns suggest a potential breakout to $0.60, with $1 within reach, if trends hold.

Dogecoin Sees Significant Spike in New Holders

Dogecoin (DOGE) has added 60,000 new investors over the past 10 days, marking a sharp turnaround in activity after a recent decline in holders. According to data from Santiment, the number of Dogecoin holders now stands at 6.68 million, recovering from a dip to 6.80 million last month.

This uptick in holder count coincides with a reversal in Dogecoin’s 30-day Market Value to Realized Value (MVRV) ratio, which has climbed from negative territory to 0.69%. Historically, such a reversal has preceded significant price rallies. For example, a similar shift in the MVRV ratio last year saw DOGE skyrocket from $0.10 to $0.47.

Bull Flag Formation Suggests Price Breakout Potential

Technically, Dogecoin’s daily chart reveals the formation of a bull flag pattern, often considered a strong indicator of continued bullish momentum. The pattern features a steep price rally followed by a consolidation phase.

• Flagpole: DOGE’s sharp ascent from $0.10 to $0.47 earlier this year created the initial surge.
• Flag: Following this, the price consolidated between $0.33 and $0.39, creating slightly lower highs and lows.

If DOGE breaks above the upper trendline of this flag, analysts predict an immediate target of $0.60, with the potential to surge toward $1 in an extended rally.

However, a failure to sustain this breakout could see DOGE retreat to support at $0.33, invalidating the bull flag.

Investor Sentiment Boosted by Pro-Crypto Developments

The renewed interest in Dogecoin comes amid broader optimism in the crypto market. Pro-crypto policies from the incoming U.S. administration, including hints of regulatory clarity, have created a fertile environment for meme coins like DOGE to thrive.

Trump’s recent statements about supporting the crypto industry have further buoyed investor sentiment, with meme coins expected to ride the wave of broader market enthusiasm.

DOGE Price Prediction: Will It Hit $1?

Dogecoin’s strong community, combined with growing adoption and bullish technical indicators, suggests the meme coin could continue its uptrend. Breaking above $0.47 would confirm the bull flag pattern and potentially lead to a rally toward $0.60.

For the $1 mark to materialize, Dogecoin would need sustained buying interest, accompanied by positive market-wide momentum. While the $1 target remains plausible, market conditions and broader crypto trends will ultimately determine the trajectory.

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