tradingkey.logo

Dogecoin Price Could See Parabolic Growth As Daily New Addresses On The Network Balloons

BitcoinistNov 6, 2024 8:06 AM

The Dogecoin price may be on the brink of a parabolic surge, as recent data shows a significant increase in the number of new daily addresses on the Dogecoin network. With the US Presidential election results set to be released soon, meme coins like Dogecoin are seeing a wave of interest from investors, recording price gains that suggest a potential for a significant surge in the post-election period.

Dramatic Increase In New Addresses

In an X (formerly Twitter) post on November 4, crypto analyst Ali Martinez unveiled new growth in the Dogecoin network, emphasizing that over 35,000 new DOGE addresses have been created daily. This significant increase indicates a substantial influx of new Dogecoin users or investors joining the meme coin’s network. 

A surge in new daily addresses reflects the growing adoption and renewed interest in Dogecoin. Martinez has revealed that despite the recent dip in the Dogecoin price this week, the meme coin appears to still be on investors’ top wanted crypto-list as the DOGE network continues to expand with fresh addresses. 

Dogecoin price 1

 More often than not, a surge in new addresses correlates with increased trading volume. As more users join the Dogecoin community, there will be a notable increase in buying and selling, ultimately enhancing the token’s liquidity and leading to a potential upward pressure on prices. As demand for meme coins grows, this increase in new addresses could also trigger a parabolic growth in Dogecoin prices. 

Amidst the recent surge in Dogecoin addresses, Martinez has unveiled an optimistic forecast for the number one meme coin. When asked by a crypto community member whether Dogecoin could ever experience a 35,000% to $58, Martinez responded with a more measured target, predicting that the Dogecoin price is more likely to jump to $1.8.

Notably, a 35,000% surge may appear overly ambitious, given that the Dogecoin price has only ever hit a peak of $0.73 and has consistently traded below $1 since its inception. Despite this lofty forecast, the Dogecoin price is up by 11.84% in the last 24 hours and 54.39% over the past month, according to CoinMarketCap. 

Analyst Sees Dogecoin Price Surging To New ATH

 

Crypto analyst Javon Marks has made a bullish prediction for the Dogecoin price, forecasting a potential rise to new all-time highs. Marks revealed that despite Dogecoin’s recent market pullback, the meme coin is still well-positioned to experience an outstanding performance in this market cycle. 

Dogecoin price 2

The analyst believes Dogecoin could rise to higher ATHs, potentially experiencing a 345% surge beyond the $0.739 mark. Adding to this sentiment, another crypto expert identified as ‘Satoshi Flipper’ on X has predicted that Dogecoin could hit the highly coveted $1 mark soon. 

Dogecoin price 3

The analyst suggests that a Donald Trump victory in the US Presidential elections and the launch of Tesla CEO Elon Musk’s D.O.G.E proposal could catalyze a significant price surge for Dogecoin. 

Dogecoin price chart from Tradingview.com

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

Recommended Articles

tradingkey.logo
tradingkey.logo
Intraday Data provided by Refinitiv and subject to terms of use. Historical and current end-of-day data provided by Refinitiv. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.
* References, analysis, and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgement of the analyst, without considering the investment objectives and financial situation of the investors.
Risk Warning: Our Website and Mobile App provides only general information on certain investment products. Finsights does not provide, and the provision of such information must not be construed as Finsights providing, financial advice or recommendation for any investment product.
Investment products are subject to significant investment risks, including the possible loss of the principal amount invested and may not be suitable for everyone. Past performance of investment products is not indicative of their future performance.
Finsights may allow third party advertisers or affiliates to place or deliver advertisements on our Website or Mobile App or any part thereof and may be compensated by them based on your interaction with the advertisements.
© Copyright: FINSIGHTS MEDIA PTE. LTD. All Rights Reserved.