The meme-inspired cryptocurrency Dogecoin ($DOGE) has seen its price surge more than 140% over the past week to trade above the $0.4 mark amid a wider cryptocurrency market rally.
The price rise, according to on-chain analytics firm Santiment, came with a growing number of users on the cryptocurrency’s network, with 74,885 new wallets holding less than 100,000 DOGE each having been created over the past week.
According to the firm’s data, shark and whale wallets are at the same time declining, having seen a net decrease of 350 addresses over the same period. However, a recent resurgence of these larger wallets, with 108 new addresses appearing in the past few days, has helped to propel DOGE’s price.
As CryptoGlobe reported, according to a popular cryptocurrency analyst, however, DOGE’s price rise may only be the beginning of a larger upward movement that could see the meme-inspired cryptocurrency trade in a price range of $3.95 to $23.26.
In a post shared on the microblogging platform X (formerly known as Twitter), analyst Ali Martinez said DOGE is “about to go parabolic” based on historical patterns that show a potential top could be coming between the 1.618 and 2.272 Fibonacci retracement levels, which would end up “translating to a price range of $3.95 to $23.26.”
The cryptocurrency has been outperforming Bitcoin over the last few days, with the flagship cryptocurrency itself moving up around 25% over the last seven days. As CryptoGlobe reported, last month DOGE saw its “largest spike in active addresses in the past six months,” as the number of addresses active on its blockchain recently surged past 84,000.
Featured image via Unsplash.
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