Dogecoin (DOGE) has been struggling with selling pressure for months. However, the entire cryptocurrency market went up after the Fed’s rate decision. As the market recovers, analysts continue to make epic predictions.
Dogecoin’s wallet count explodes
Crypto analyst Ali Martinez predicted that the meme coin market will rise in the near future due to some promising activity on the Dogecoin network. The analyst shares that 7-day Dogecoin addresses are on the rise. The number of addresses grew by 265% in two months. In the same time frame, Dogecoin adds between 14,470 and 38,420 new addresses per day. According to the data, on July 28, 2022, there were approximately 4.38 million Dogecoin addresses.
Transaction history shows that #Dogecoin built important support at $0.068, where 78.25K addresses purchased nearly 44 billion $DOGE.
If this level continues to hold, $DOGE will have a good chance of rising to $0.080 as @intotheblock's IOMAP shows little to no resistance ahead. pic.twitter.com/Jf2JyaqmFg
— Ali (@ali_charts) July 29, 2022
However, the DOGE price has lost about 15% in the last two months. Martinez says the current momentum, especially in network expansion, is a very encouraging development. According to the expert, these data give the green light for the DOGE price. On the technical side, the most important support for Dogecoin will be $0.068, according to Martinez. At this level, more than 78.25 thousand wallets have purchased 44 billion DOGE worth approximately $299 million.
Martinez adds that there is no strong resistance ahead. If SHIB manages to protect the $0.068 zone, its next target will be $0.080.
Where does the demand for Dogecoin come from?
DOGE managed to stay in the top 10 despite all the sales of the last months. However, it is still trading at 90% below the ATH level. Earlier, Binance announced that it has added DOGE/BUSD and SHIB/BUSD to its liquidity pools. However, DOGE rose significantly by 35% in trading volume. One of the latest news from Dogecoin was the announcement of Dogepedia, which will be an extensive database.
This has been an exciting week for #Dogecoin! Core received a significant upgrade & the new https://t.co/npxXeKLtIR website was revealed with the addition of the Dogepedia page launched to help fight the FUD! Drop your best memes of the week below celebrating these achievements! pic.twitter.com/LfRF0rfQLB
— Dogecoin (@dogecoin) July 28, 2022
Dogepedia is a comprehensive database of instructions and frequently asked questions for Dogecoin. However, unlike Wikipedia, the content is not user-generated and no user can modify it.
In other related news, Dogecoin developers recently announced the release of 1.14.6, the latest version of Dogecoin Core software. The creators claim that this update will significantly improve the user interface, security and efficiency of the network, in particular.
Dogecoin introduces new website
Additionally, Chipotle has launched a new launch that gives its players a chance to win free Bitcoin (BTC), Ethereum (ETH), Avalanche (AVX), Solana (SOL) or DOGE. From July 25 to July 31, the fast food chain promises that the interactive “Buy Dip” game will offer over $200,000 in cryptocurrency holdings, in addition to promotional coupons for 1-cent guacamole and queso blanco.
https://twitter.com/ChipotleTweets/status/11551575525524897792
In the meantime, it is a matter of curiosity when Dogecoin, which peaked at $ 0.7376 in 2021, will see these levels. cryptocoin.comWe have quoted the current estimates in this article.
