Dogecoin (DOGE)The world’s largest meme coin has recently seen a sharp decline in its holder base, with new data confirming that the number of long-term active holders has fallen to a six-month low. Amid this bearish development, one crypto analyst remains optimistic about Dogecoin’s price prospects, believing it could reach new all-time highs (ATH) of $10 soon.
Dogecoin support base sees rapid decline
Santiment, a Market Intelligence platform revealed a very downtrend involving investors and holders of Dogecoin. The platform revealed in an X (formerly Twitter) publish on October 15th that the number of active Dogecoin holders is falling at a significantly fast pace.
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Based on their reporting, there has been a net loss of approximately 106,600 non-empty wallets since Tuesday, October 8th. A non-empty wallet here refers to a crypto wallet that contains at least some DOGE tokens. Sharing a graph that illustrates the decline in Dogecoin port baseSantiment revealed that the total number of Dogecoin holders is currently estimated at 6.62 million. This number marks the lowest level of the DOGE holder base since April 25, 2024.
The net drop of 160,600 indicates that more people are selling or withdrawing DOGE tokens from their wallets than those buying meme coin. In light of this, Santiment noted a shift in investor sentiment and interest in Dogecoin.
The market intelligence platform revealed that many traders who invested in Dogecoin are expressing frustration with the The poor performance of the meme coin market. As a result, traders, especially those looking for short-term gains, are turning away from Dogecoin in search of a cryptocurrency that can offer rapid price increases.
At the time of writing, Dogecoin is trading at $0.12, experiencing slight increases over the weeks, according to CoinMarketCap. It appears that the meme coin’s 10% and 17% rise over the past week and month, respectively, was not enough for many investors.
As the main meme coin on the market, many wait a dramatic rise in DOGE will occur to reap immense benefits. However, the cryptocurrency’s recent fluctuating performance and inability to reach the coveted $1 mark left many investors worried.
Analyst doubles $10 price target for DOGE
Amid the decline in Dogecoin’s holder base, one crypto analyst remains highly optimistic about the meme coin’s price outlook. X analyst Dima James Potts doubled down on his previous prediction that Dogecoin is heading to $10.
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In a previous X post On August 8, Potts predicted that Dogecoin would be preparing for a huge price increase in 2025. At the time, the analyst based his prediction on historical patterns and DOGE’s past performance, highlighting that in the previous two market cycles, Dogecoin had risen 9,000% and 18,000% in 2017 and 2021 respectively.
Now the analyst is doubling down on his earlier prediction, emphasizing that history cannot be changed, while also stating that a $10 rise in the price of Dogecoin was seemingly inevitable.
Featured image created with Dall.E, chart from Tradingview.com