Bitrabo Editorial
Dogecoin, the leading meme cryptocurrency, is currently the focus of optimistic forecasts from various analysts regarding its future value, particularly after its recent price surge attributed to a favorable atmosphere across the cryptocurrency market.
Short-Term Price Prediction for Dogecoin: $2.7
Master Kenobi, a noted cryptocurrency analyst and trader, has made an eye-catching prediction about Dogecoin’s potential trajectory over the next few weeks. He expressed his confidence about DOGE reaching $2.7 by December through a post on social media platform X (formerly Twitter), igniting excitement within the Dogecoin fanbase.
Kenobi bases his optimistic forecast on historical trends that typically precede significant rallies, along with Dogecoin’s current market performance. He believes that DOGE is mirroring patterns observed in the last cycle, which began a previous bull run characterized by four weeks of price increases followed by two weeks of declines. The future movement in DOGE’s price will largely depend on the close of the current week, which could confirm another upward shift.
If the trends from the previous cycle hold true, Kenobi predicts that Dogecoin could reach approximately $0.39 in about two weeks, specifically on October 28. Following that, he anticipates that by December 1, it could hit the remarkable price point of $2.7. “It may seem unbelievable, but if the stars align, we could see DOGE surge to $2.7 in December,” he mentioned.
However, with the unpredictable nature of cryptocurrencies, market participants are vigilantly monitoring DOGE’s latest price developments, hoping that its renewed momentum will lead to an even greater rally during the current bullish phase.
Declining Number of DOGE Holders
Despite some recent positive price trends, there are concerns among investors regarding Dogecoin, primarily due to a consistent drop in the number of DOGE holders lately.
Market intelligence firm Santiment reports that since October 8, there has been a steady decline in non-empty DOGE wallets, totaling around 106,600 lost wallets. This suggests that there might be challenges ahead for Dogecoin.
According to Santiment, dissatisfaction with Dogecoin’s market performance has led some traders to seek alternative coins for quicker profits, indicating a shift in sentiment within the DOGE community. This downward trend raises questions about the long-term stability of Dogecoin, as such dynamics could significantly affect its future price movements if they continue.