Dogecoin Holder Count Hits 6-Month Low, Analyst Sees $10 Ahead

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Dogecoin (DOGE), the largest meme coin globally, has recently experienced a significant drop in its holder base, with fresh data indicating that the number of active long-term holders is at a six-month low. Despite this bearish trend, a crypto analyst maintains a positive outlook on Dogecoin’s price, projecting that it could soon hit new All-Time Highs (ATH) of $10.

The Fast Decline of Dogecoin Holders

Santiment, a market intelligence platform, has reported a rather bearish trend among Dogecoin investors and holders. In a post on X (formerly Twitter) dated October 15, the platform revealed that the number of active Dogecoin holders is declining at a considerable rate.

According to its findings, there has been a net reduction of around 106,600 non-empty wallets since Tuesday, October 8. A non-empty wallet is defined as a crypto wallet that holds at least some DOGE tokens. By sharing a chart that depicts the drop in the Dogecoin holder base, Santiment estimates that the total number of Dogecoin holders is currently at 6.62 million, the lowest level since April 25, 2024.

The net decrease of 160,600 indicates that more individuals are either selling or withdrawing DOGE tokens from their wallets than those purchasing the meme coin. Consequently, Santiment has noted a change in investor sentiment and interest in Dogecoin.

The market intelligence platform disclosed that many traders who had put their money into Dogecoin are expressing dissatisfaction with the poor market performance of the meme coin. As a result, traders, especially those seeking short-term profits, are steering away from Dogecoin in search of cryptocurrencies that could generate quick price increases.

Currently, Dogecoin is trading at $0.12, showing slight increases over the past weeks, according to CoinMarketCap. Despite the meme coin’s 10% surge and a 17% rise over the past week and month, respectively, this hasn’t been sufficient for many investors.

As the leading meme coin in the market, many anticipate a significant DOGE surge to yield substantial returns. However, the recent fluctuations in the cryptocurrency’s performance and its inability to hit the sought-after $1 mark have caused concern among many investors.

Analyst Affirms $10 Price Target for DOGE

In light of the drop in the Dogecoin holder base, a crypto analyst maintains a strong bullish stance regarding the meme coin’s price prospects. Dima James Potts, an analyst on X, has reiterated his earlier projection that Dogecoin is set to reach $10.

In a previous post on X from August 8, Potts predicted that Dogecoin is poised for a significant price rise in 2025. His forecast was based on DOGE’s historical patterns and performance, noting that in the two prior market cycles, Dogecoin skyrocketed by 9,000% and 18,000% in 2017 and 2021, respectively.

The analyst is now reinforcing his earlier forecasts, emphasizing that history is unchangeable, while asserting that a $10 price surge for Dogecoin seems practically unavoidable.