Dogecoin has had a successful month, with its value exceeding $0.4 for the first time since 2021. This surge has led to a 150% increase in weekly gains and a sixth-place ranking in the crypto world. The increase in Dogecoin transactions and new wallets suggests that retail interest in cryptocurrencies is growing.
Despite a decrease in larger wallets held by “sharks” and “whales,” Dogecoin’s recent performance may be attributed to their return to the network. For Dogecoin to maintain its upward trajectory, there should be continued accumulation by both retail investors and large holders. Dogecoin’s success can be traced back to Elon Musk’s endorsement during the Trump campaign, with the $1 target serving as a key milestone.
