Leading memecoin Dogecoin (DOGE) is primed for a highly anticipated price correction despite the cryptocurrency market experiencing massive volatility.
According to recent market data, on-chain activities reflect optimism amongst Doge proponents as accumulations have continued to soar. Per data from Santiment, wallets holding at least 1 million Doge tokens have seen a remarkable surge.
The new development marks a mild recovery, as wallets holding large amounts of Dogecoin stagnated following the global cryptocurrency market crash. Notably, active wallet addresses are also at a 4-month high.
Since the start of February, 62 addresses holding over 1 million Doge have been recorded. Additionally, over 150,000 Doge addresses have been active daily; the highest number recorded since mid-November 2024.
Following the global crypto market retrace, Dogecoin, like other rival Memecoins, has traded downwards over the past two months. However, the influx of new wallet addresses signals a rise in Dogecoin’s utility and smart money, further positioning the asset for an upward reversal ahead of perceived market stability.
Doge continues to trade sideways despite clearing weekly losses
The price of Dogecoin leaned bearish on the hourly chart, as the asset closed the previous day as one of the biggest losers. With bulls falling to sustain momentum after a bullish close from Monday, the asset will likely continue downward.
Over the past 60 days, Doge has lost 60% of its price value. However, weekly losses have been successfully cleared. The asset dropped by more than 5% in the past 24 hours but has quickly made an upward correction, with daily gains going up to 6%. At the time of this report, Doge trades at $0.1728.
