Dogecoin (DOGE) Is Set for a Parabolic Rally above $10, with More Than Two-Thirds of Wallets in Profits

DOGE was trading at around $0.10 at the time of writing. The coin has bounced slightly from the August 5 dip, when prices plunged to $0.08.

Dogecoin (CRYPTO: DOGE) price was approximately $0.10 at the time of writing. The coin has recovered slightly from its peak on August 5, when prices dropped to $0.08.

Despite the recent decline, approximately 68 percent of DOGE wallet addresses are still in profit, according to IntoTheBlock data. High profitability indicates positive market outlook and can increase investors' confidence, which will increase purchasing activity and greater earnings.

While on-chain data shows a positive price outlook, Dogecoin network activity remains low. However, this did not affect buyer and seller behavior. The average holding period for DOGE investors is 2.3 years, indicating reluctance to sell. Additionally, 67 percent of investors held their assets for more than a year.

The asset is showing resilience, with 68 percent of Dogecoin wallets still making a profit, currently ranking 4th among assets with a market cap of $1 billion. But the network needs a catalyst to drive further growth. Here's why: pic.twitter.com/zESlnm6LJ5

Reluctance to sell is also seen in Santiment data showing that large wallet holders have been accumulating DOGE at a high rate over the past year. The number of DOGE wallet addresses between 10,000,000 and 100,000,000 tokens has increased by more than 12 percent since the beginning of the year.

High wallet profit and regular accumulation of whales show that large addresses are buying DOGE at low prices. This trend shows that DOGE has already seen the bottom as these investors expect further rises.

Is DOGE Rising to $10?

DOGE is showing resistance and the biggest meme coin could rise to $10 according to analyst Dima James Potts.

“10+ Dogecoin?! When will the Dogecoin bull run start? Historical chart analysis shows that a significant price increase can begin when the red and green lines intersect.” The analyst's statements continued as follows:

DOGE price has formed an ascending channel as seen by two parallel white lines. This indicates that DOGE is in a long-term uptrend. A bullish continuation formation has also formed, where the price enters a period of consolidation and is followed by a price explosion.

According to this analysis, DOGE made significant bull moves every time it touched the lower support line. If the pattern continues, DOGE is on the verge of a major breakout targeting higher prices within the ascending channel.

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