Dogecoin, the world’s largest meme coin, has recently experienced a significant decline in its holder base, with new data confirming that the number of active long-term holders has fallen to a six-month low. Despite this bearish trend, a crypto analyst remains optimistic about Dogecoin’s price outlook, believing that it can reach new All-Time Highs (ATH) of $10 soon.
Santiment, a Market Intelligence platform, has revealed that the number of active Dogecoin holders is falling at a significantly rapid pace. The platform reported a net loss of approximately 106,600 non-empty wallets since Tuesday, October 8. A non-empty wallet refers to a crypto wallet that contains at least some DOGE tokens.
The decline in the Dogecoin holder base is estimated to be currently at 6.62 million, marking the lowest the DOGE holder base has ever been since April 25, 2024. The net drop of 160,600 indicates that more people are either selling off or withdrawing the DOGE tokens from their wallets than those buying the meme coin.
As a result, Santiment has noted a shift in investors’ sentiment and interest in Dogecoin. Many traders who had invested in Dogecoin are expressing frustration about the meme coin’s poor market performance. As a result, traders, especially those looking for short-term gains, are moving away from Dogecoin in search of a cryptocurrency that might offer rapid price increases.
As of writing, Dogecoin is trading at $0.12, experiencing slight upticks over the weeks, according to CoinMarketCap. It appears the meme coin’s 10% surge and 17% increase in the past week and month respectively, has not been enough for many investors. Amidst the decline in the Dogecoin holder base, a crypto analyst remains highly bullish on the meme coin price outlook.
Dima James Potts, an analyst on X, has doubled down on his earlier prediction that Dogecoin is headed to $10. In a previous X post on August 8, Potts predicted that Dogecoin is gearing up for a major price increase in 2025. At the time, the analyst based his forecast on DOGE’s historical patterns and past performance, highlighting that in the two previous market cycles, Dogecoin had surged 9,000% and 18,000% in 2017, and 2021 respectively.
Now the analyst is reinforcing his earlier prediction, emphasizing that history cannot be changed, while asserting that a $10 price surge for Dogecoin was seemingly inevitable.
