Dogecoin, the world's largest meme coin by market capitalization, may seem poised for growth if the crypto market sentiment improves and prices of digital assets stabilize. According to the on-chain analytics platform Santiment, its utility and smart money signals might indicate a turning point and a bullish outlook for the asset.
Indicators Suggest Bullish Signals for DOGE
The platform noted that investors should monitor the rise in wallets holding at least 1 million DOGE. Since the start of February, these entities have grown by 1.24%, adding 62 new wallets. Dogecoin's active addresses are at a four-month high, with over 150,000 active addresses daily. This level has not been seen since mid-November 2024. Additionally, experts claim that if whales continue accumulating DOGE, it could lead to a significant price rally.
Dogecoin’s Price Outlook
While Dogecoin's metrics are flashing positive signals, the cryptocurrency is down significantly due to market-wide correction. After rallying to $0.41 on January 18, DOGE has tumbled by more than 63% to $0.15 in two months. Data from CoinMarketCap shows DOGE is down 38% monthly but has risen 5% over the last seven days.
Conclusion
Despite the recent decrease in value, analysts believe Dogecoin could hit $1.1 in the next two months as it shows a pattern similar to the 2017 bull run.
Expert predictions and current metrics suggest the possibility of positive development for Dogecoin. However, the scale and pace of its growth remain uncertain as the market is still volatile.
