Will Dogecoin Hit $1? Price Prediction as Wallet Addresses Reach 90 Million

The price of Dogecoin has risen by 2% today, reaching $0.1257 as the crypto market enjoys a 3% lift in the past 24 hours.

DOGE is now up by 15% in the past week, with this gain coming as the popular meme token passes 90 million wallet addresses, according to data from IntoTheBlock.

This is a strong signal of the coin’s enduring popularity, and while it is actually down by 5.5% in the last 30 days, it holds onto an 80% increase in the past year.

And with the cryptocurrency market looking like it could regain strength as we enter the second half of the year, the Dogecoin price could see some strong appreciation in the coming weeks and months.

Will Dogecoin Hit $1? Price Prediction as Wallet Addresses Reach 90 Million

DOGE has had a good couple of days, yet now its chart gives the impression that it may be due for a minor and brief slip.

Its relative strength index (purple) has dropped from 80 yesterday to just over 60 today, and may fall further as DOGE’s price takes a dive.

It’s also entirely arguable that the coin’s 30-day moving average (orange) is due to begin declining towards the 200-day average (blue), given that it has been well above the latter for a few days now.

Dogecoin’s trading volume is also starting to tail off a little, from $1.1 billion yesterday to $850 million today.

This is still high relative to recent volumes, signalling that interest in DOGE remains healthy.

This would indeed be the conclusion to take from the latest Dogecoin wallet address data, which shows that the meme token now has 90 million addresses.

However, some qualification is in order, since this figure covers all Dogecoin addresses created to date, including addresses with zero DOGE.

Taking only addresses with a balance, there are currently 6.51 million ‘active’ wallets, and while this is a smaller number, it’s the highest this figure has ever been.

As such, it’s encouraging news, highlighting how DOGE continues to steadily grow and attract new holders.

And while the coin remains down in relation to the highs it reached in late March, this decline puts it in a good position to make a strong comeback in the next few months.

Positive news regarding Ethereum ETF launches will help boost demand across of the board, while we may start to see rate cuts soon.

In this context, Dogecoin could hit $0.2 by the end of summer, and $0.4 by the end of the year.

New Doge Tokens Showing Strong Potential

One thing that could really send DOGE flying is if X introduces digital payments, including crypto (and Dogecoin) payments.

However, there’s no reliable indication that such an eventuality is on the visible horizon, so traders may have to turn elsewhere if they want bigger gains.

One place to look is with presale tokens, which can often rally big when they list for the first time.

And a good example of one coin likely to do this is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised $5.7 million in its token offering.

Introducing #PlayDoge – the only #P2E Doge companion!

Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.

Don’t neglect your doge, his life’s on the line

Join the #Presale Now https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH

— PlayDoge (@PlayDogeGame) June 3, 2024

PlayDoge is exciting investors because it’s about to launch a Tamagotchi-style play-to-earn game, featuring nostalgic 8-bit graphics and addictive side-scrolling gameplay.

In much the same vein as Tamagotchi or even Pokémon, PlayDoge will give players the chance to earn rewards by breeding, trading and completing missions with their own virtual pet dogs.

Its native token will have a capped supply of 9.4 billion tokens, with holders able to earn passive rewards by staking the token.

Given that PLAY will serve as the in-game currency for PlayDoge, it could experience considerable demand, while the ability to stake it may also squeeze its supply.

As such, it could rise strongly over time, potentially making it one of the best new coins of the year.

PlayDoge’s sale doesn’t have long left to run, although investors can still join by hitting up the PlayDoge official website.

1 PLAY currently costs $0.00519, a price that will rise incrementally a few more times before the sale ends.

Visit PlayDoge Now

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