Dogecoin, the leading memecoin by market value, has captivated the investment world with a significant uptick in price. Over the recent weeks, its value has soared, and in just the past day, it has climbed an additional 10%, reaching a trade value of $0.1669 with a market capitalization of $23.93 billion. Prominent analysts, including Ali Martinez, project a potential sixfold upsurge in Dogecoin’s price by the middle of April.
Analysts Foresee $1 Milestone for Dogecoin
The crypto community is buzzing with positive speculations regarding Dogecoin’s price prospects. Martinez, a well-known crypto expert, predicts that Dogecoin could hit the $1 mark by mid-April, citing parallels to the coin’s past bullish runs that saw exponential growth. In agreement, the crypto commentator known as Altcoin Sherpa also expects Dogecoin to reach the $1 milestone, specifying two critical resistance levels at $0.20 and $0.35.
Uptrend Indicators Emerge from On-Chain Data
Supporting a bullish outlook, IntoTheBlock’s data indicates a surge in ‘Dogecoin millionaires,’ indicating a swell in high-net-worth individual participation within the Dogecoin market since late February. Additionally, the reactivation of a dormant Dogecoin wallet after ten years and its recent transaction on March 7th, involving the transfer of 100 DOGE to an unidentified wallet, reflects heightened on-chain movements.
Currently, Dogecoin’s trading price stands at $0.1686, reflecting a 9.33% rise in the past 24 hours. Furthermore, the week and month have seen its value increase by 38.57% and 111.52% respectively.