Dogecoin (DOGE) Could Hit $1 With New Milestone as Number of Wallet Addresses Holding the Meme Coin Surges to 90 Million

Dogecoin (DOGE) has hit a significant milestone, as the number of wallet addresses holding the popular doggy themed meme coin has surged to 90 million.

Dogecoin (CRYPTO: DOGE) has hit a major milestone, with the number of wallet addresses holding the popular doggy themed meme coin now exceeding 90 million, according to data from IntoTheBlock.

This marks a significant increase in the number of addresses, with previous data showing around 4.76 million (In the Money) DOGE addresses currently holding DOGE tokens.

Surging Interest Could Push Dogecoin to $1

This surge in the number of Dogecoin wallet addresses comes amid growing interest and adoption in the meme coin among investors. With this latest milestone, and considering the rising demand, Dogecoin could be poised for a price surge that may see it hit the $1 mark.

Earlier this year, we covered how DOGE, along with other prominent meme coins such as Shiba Inu (CRYPTO: SHIB), saw double digit gains that pushed its price to new highs.

Currently, the cryptocurrency is rallying hard, having seen a 12.57% increase in price after experiencing multiple declines over the past period.

The meme coin has also seen a significant rise in its trading volume over the past 24 hours, with a 65.86% increase in volume.

Despite the market uncertainties, DOGE has been performing relatively well, and while the increased number of addresses does not guarantee a direct price increase, it serves as a positive indication of the cryptocurrency's potential bullish trajectory.

Crypto X (formerly Twitter) also saw a crypto analyst, Aiden, express bullish sentiment for Dogecoin.

The analyst shared that they are optimistic about DOGE, and that it may experience a major breakout to $1 by the end of 2024.

Several analysts have shared this sentiment, anticipating a strong bullish position for the popular meme coin in the near future.

Dogecoin Faces Slight Resistance Before Bullish Surge

While DOGE may be poised for a price rally to new highs, driven by a shift in market sentiment and demand, the cryptocurrency is also likely to encounter several resistances in its bullish path.

One crypto analyst, Kelvin, revealed that Dogecoin will need to break key resistance levels around $0.135 for a bullish surge.

If the cryptocurrency breaks the $0.135 resistance, another analyst noted that DOGE could witness a surge to $0.22. At the time of writing, according to CoinMarketCap, Dogecoin is trading at $0.122.

Kelvin went on to express his belief that DOGE could reach an all-time high by the end of August, which would entail the cryptocurrency surpassing its previous high to potentially reach $1.

It's worth noting that since its inception, Dogecoin has never reached the $1 price point, although it did achieve a massive all time high of $0.74 during the bull run in 2021.

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