Dogecoin Holder Base Drops to 6-Month Low, But Analyst Predicts DOGE Price Surge to $10
Dogecoin Holder Base Shrinks, But Optimism Remains
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The world’s largest meme coin, Dogecoin (DOGE), has experienced a recent drop in its holder base, with data revealing a six-month low in active long-term holders. Despite this bearish development, a crypto analyst remains optimistic about DOGE’s future, predicting a potential rise to $10.
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Dogecoin Holders on the Decline
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Market intelligence platform Santiment has uncovered a concerning trend among Dogecoin investors and holders. In an X (formerly Twitter) post on October 15, Santiment reported a significant decline in the number of active Dogecoin holders. Since October 8, there has been a net loss of approximately 106,600 non-empty wallets, indicating a shift in investor sentiment.
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Santiment’s data shows that the total number of Dogecoin holders is currently estimated at 6.62 million, marking the lowest point since April 25, 2024. This decline suggests that more people are either selling or withdrawing their DOGE tokens than those purchasing the meme coin.
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This trend has led to speculation about the reasons behind the declining holder base. Some analysts believe that traders, particularly those seeking quick gains, are moving away from Dogecoin due to its recent lackluster performance.
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Analyst Holds Firm on $10 Price Target
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Despite the bearish news, a crypto analyst, Dima James Potts, remains highly bullish on Dogecoin’s price outlook. In a previous X post on August 8, Potts predicted that Dogecoin was poised for a major price surge in 2025, citing historical patterns and performance.
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Potts has doubled down on his earlier prediction, emphasizing the historical precedent of Dogecoin’s substantial price increases in previous market cycles. He believes that a $10 price surge for Dogecoin is inevitable.
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A Look at Dogecoin’s Current Performance
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As of writing, Dogecoin is trading at $0.12, showing slight upward movement over the past few weeks. While the meme coin has experienced a 10% surge in the past week and a 17% increase over the past month, these gains haven’t been sufficient to entice many investors.
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The future of Dogecoin remains uncertain, with its recent price fluctuations and inability to reach the $1 mark raising concerns for some investors. However, with an optimistic outlook from some analysts, it’s possible that Dogecoin could experience a resurgence in the coming months and years.