This article is also available in Spanish.
Dogecoin (DOGE)the world’s largest memecoin, has recently seen a sharp decline in its holder base, with new data confirming that the number of active long-term holders of the coin has fallen to its lowest level in six months. Amid this bearish development, the cryptocurrency analyst remains optimistic about Dogecoin’s price outlook, believing that it could reach its all-time high (ATH) of $10 soon.
The Dogecoin holder base is rapidly declining
Santiment, a market intelligence platform unveiled rather Downtrend Engage investors and Dogecoin holders. The platform is unveiled in the form of an X (formerly Twitter) mail On October 15, the number of active Dogecoin holders decreased at a noticeably rapid pace.
Related reading
Based on its reporting, there has been a net loss of approximately 106,600 non-empty wallets since Tuesday, October 8. A non-empty wallet here refers to a crypto wallet that contains at least some DOGE tokens. Share a graph showing the decline in… Dogecoin holder baseSantiment revealed that the total number of Dogecoin holders is currently estimated at 6.62 million. This number represents the lowest DOGE holder base ever since April 25, 2024.
The net decline of 160,600 indicates that more people are either selling or withdrawing DOGE tokens from their wallets than those Buy meme coin. In light of this, Santiment has noticed a shift in investor sentiment and attitudes Interest in Dogecoin.
The market intelligence platform revealed that many traders who invested in Dogecoin are expressing their frustration about Poor market performance of meme coin. As a result, traders, especially those looking for short-term gains, are turning away from Dogecoin in search of a cryptocurrency that may provide quick price increases.
As of the time of writing, Dogecoin is trading at $0.12, There are slight increases Over the weeks, according to CoinMarketCap. It seems that the meme’s 10% rise and 17% increase in the past week and month, respectively, was not enough for many investors.
As the best meme coin on the market, many expected A dramatic increase in DOGE occurs in order to reap massive benefits. However, the recent volatile performance of the cryptocurrency and the inability to reach the coveted dollar mark has led to It left many investors feeling anxious.
The analyst doubles his $10 price target for DOGE
Amid the decline in Dogecoin’s holder base, a cryptocurrency analyst remains very optimistic about the meme’s price outlook. Dima James Potts, an analyst at X, has doubled his previous forecast for this Dogecoin is heading to $10.
Related reading
In a precedent Share X On August 8, Boots predicted that Dogecoin would In preparation for a significant rise in prices In 2025. At that time, the analyst based his forecast on historical DOGE patterns and past performance, highlighting that in the previous two market cycles, Dogecoin had risen by 9,000% and 18,000% in 2017 and 2021, respectively.
Now the analyst is reinforcing his previous predictions, stressing that history cannot be changed, while emphasizing that a $10 price rise in Dogecoin was seemingly inevitable.
Featured image created with Dall.E, chart from Tradingview.com