Emily Walker
Recently, Dogecoin, the leading meme cryptocurrency, has seen a rise in prices, leading to increased adoption. This is particularly noticeable in the growing number of smaller DOGE wallets. As DOGE continues to gain value, this trend may positively affect its price further.
Growth in Wallets with Under 100,000 Dogecoin
Encouragingly, there has been a significant uptick in wallets holding less than 100,000 DOGE. According to the market intelligence platform Santiment, this trend was highlighted on the X platform (formerly Twitter), gaining attention within the community.
The surge in smaller wallets is a sign of growing enthusiasm among less affluent investors, reflecting their confidence in Dogecoin’s potential for future gains. Many retail investors are seizing the opportunity to purchase small amounts of DOGE, demonstrating a favorable sentiment as market conditions improve.
Recent data reveals that in the last four weeks, there have been an additional 74,885 wallets with fewer than 100,000 DOGE. Santiment remarked that the rise of crypto’s top meme-inspired currency cannot be overlooked.
Although smaller investors are accumulating DOGE, there has been a notable decrease in wallets belonging to larger investors, with a net loss of approximately 350 during this timeframe. This decline may indicate a shift in the behavior of these big players.
While fewer large investors may lead to price instability for DOGE in the short term, there has been a recent resurgence, with 108 new wallets contributing to a rally exceeding the $0.40 price mark for the first time in three and a half years.
Santiment stressed the importance of collaboration between retail and larger investors in driving speculative purchases for Dogecoin. The next few days will be crucial for these larger players to help sustain DOGE’s momentum.
DOGE’s Positive Price Trends Facing Challenges?
Despite the increase in smaller wallets, Dogecoin’s price is encountering downward pressure. On Tuesday, DOGE struggled at the $0.4355 resistance level and began to decline.
This price drop has sparked worries within the community regarding the short-term direction of Dogecoin. Nevertheless, several analysts suggest that this pullback might be essential for DOGE’s longer-term expansion.
Currently, Dogecoin’s price has decreased by almost 10% within the last 24 hours, trading at $0.3762. Despite the drop, investor interest remains strong, with trading volume rising over 38% in just one day.