As the crypto market remains locked in a crypto winter, meme tokens such as Dogecoin (DOGE) have been some of the biggest losers. DOGE continues to struggle with a bearish-tilting market bias, casting doubts in the minds of many holders as to a possible recovery for the cryptocurrency anytime soon.
However, the DOGE holder count appears to be on the rise despite the uncertainty shadowing the market. According to data from CoinMarketCap, the total number of DOGE holders has increased by 88,936 or 2% from 4,365,551 recorded in late July to 4,456,459 in late October.
That said, the increase in holder count has not influenced the price of the crypto asset in any way, as it remains stuck in a sideways pattern. At the time of writing, the tenth-largest cryptocurrency trades under the $0.0600 line, a 16% drop over the last three months.
Factors Influencing Dogecoin Holder Increase
The disconnect between the price of Dogecoin and the growing number of holders can be attributed to several factors, one of them being the belief that the meme token will likely rally again. Holders are accumulating on the token in anticipation of a notable price rally, which is highlighted by a consistent accumulation by whales and specific network activities that aim to instill real-world utility for the token.
Meanwhile, the spike in DOGE holders interestingly correlated with the emerging developments around the acquisition of Twitter by centibillionaire Elon Musk. This correspondence is not surprising, considering Musk has been a vocal proponent of Dogecoin and investors believe the Tesla CEO could integrate the meme coin into the social media platform, which should cause a massive rally for DOGE.
Long-Term Price Predictions for Dogecoin Are Optimistic
While there are little to no hopes for a price rally in the near term, investors and observers are optimistic about the long-term prospects of the cryptocurrency.
Cryptocurrency aggregator, Coin Arbitrage Bot, predicts that the meme coin will rally by a whopping 800% to $0.52 by the end of 2025. The website also foresees a 200% price increase to $0.18 by the end of 2023.
Meanwhile, Digital Coin Price makes a more conservative prediction, suggesting that the largest meme token will tap $0.23 by the end of 2025, a 290% increase, and $0.13 by 2023.
Dogecoin Price Corresponds with Recent Accumulation
On the large-scale weekly chart, we can see that Dogecoin has maintained an aggressive downward spiral since it tapped its highest price of $0.7390 in May 2021. However, this bearish trend appears to have plateaued in recent months, with the cryptocurrency unable to extend its losses below the $0.0500 support.
This paints a vivid picture for the DOGE holder count growth as investors see the $0.0600 - $0.0500 zone as an accumulation point in anticipation of a steady recovery.
DOGE Statistics Data
DOGE Current Price: $0.0592
DOGE Market Cap: $7.86B
DOGE Circulating Supply: 132.6B
DOGE Total Supply: 132.6B
DOGE Market Ranking: #10
This article should not be taken as financial advice. It is essential to conduct your research before making investment decisions.