Dogecoin is a hot story! The DOGE price broke past $0.4 range for the first time in over 3 years. Holders of top meme coin have a smile on their face today.
Looking at the price chart, the Dogecoin price has been moving up in a clear channel since it started trading. Popular crypto analyst Ali Martinez spotted this pattern and shared some interesting DOGE price targets. If Dogecoin hits the middle of this channel, we could see prices around $2.40.
The upper part of the channel even points to $18, though that’s a much more ambitious target that would need some serious buying power to achieve.
Recent on-chain data from Santiment tells us what’s happening behind the scenes with DOGE holders. They noted: “It has been impossible to ignore the ascension of crypto’s top meme coin.
Small traders are piling in – we’ve seen 74,885 new wallets holding under 100K DOGE in just the last four weeks. This shows that regular traders are really getting interested in Dogecoin right now.
The bigger players are taking a different approach. Wallets holding more than 100K DOGE actually dropped by 350 over the same period, suggesting these larger investors are taking some profits. But there’s been an interesting twist – 108 big wallets have jumped back in over the last few days.
This might explain why DOGE suddenly shot up past $0.40, hitting prices we haven’t seen since mid-2021.
Market watchers say the next few days are important. For DOGE to keep climbing, it would help to see both small traders and bigger investors buying together. Right now, smaller traders are leading the charge, but the recent return of some bigger wallets could be a good sign for DOGE’s momentum.
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