Dogecoin sees a surge in wallets under 100K DOGE, signaling rising retail interest. Despite price resistance, optimism grows for its market momentum.
The giant meme coin, Dogecoin, has recently seen a sharp increase in popularity due to its renewed upward price strength. The recent considerable increase in small DOGE wallets demonstrates this. The expansion may support DOGE’s price and spur more gains as it draws in additional gains.
An Increase in Wallets Containing 100,000 Dogecoin
The number of wallets with fewer than 100,000 DOGE has increased significantly, which is encouraging. The community has taken notice of the development on the X (previously Twitter) platform, according to market intelligence and on-chain data provider Santiment.
This discernible growth in tiny wallets indicates a sustained increase in interest among smaller investors and coincides with rising market optimism. As they purchase Dogecoin in small quantities, retail investors show confidence in the meme coin’s future price performance, indicating a solid sentiment toward DOGE driven by improved market circumstances.
According to data from the market intelligence platform, over 74,885 additional wallets with less than 100,000 DOGE have been created in the last four weeks. “It has been hard to overlook the rise of cryptocurrency’s most popular meme coin, regardless of your opinion on them,” the platform continued.
It is noteworthy that shark and whale wallets had a fall, with a net decrease of -350 throughout this time, while smaller investors continued to accumulate DOGE. The decline in shark and whale wallets suggests a change in the behavior of large-scale investors.
The decrease in large-scale investors may immediately impact DOGE’s price stability because they support price increases. But for the first time in three and a half years, roughly 108 wallets have come back in recent days to support the most recent surge above the $0.40 threshold.
Santiment has emphasized that it is ideal for large stakeholders and retailers to work together to accumulate speculative-driven coins like Dogecoin. Therefore, to sustain DOGE’s regained price momentum, the platform thinks that “the next few days will be telling for sharks and whales.”
After encountering formidable resistance, is DOGE’s upward price momentum in jeopardy?
The price of Dogecoin is losing its upward pressure despite a surge of smaller wallets. The price of DOGE was observed to decline on Tuesday after encountering significant resistance near the $0.4355 mark.
Due to this decline, the community is now worried about Dogecoin’s short-term price trajectory. Nonetheless, several cryptocurrency specialists think the decrease is essential for DOGE’s expansion.
At $0.3762, the meme coin has dropped by about 10% over the past day. The fact that trading volume has increased by more than 38% in the last day shows that traders and investors are still confident in Dogecoin despite the significant decline.
