Dogecoin (DOGE), the world’s largest meme coin has recently seen a sharp decline in its holder base, with new data confirming that the number of active long-term holders has fallen to a six-month low. Amidst this bearish development, a crypto analyst remains optimistic about Dogecoin’s price outlook, believing that it can reach new All-Time Highs (ATH) of $10 soon.
Dogecoin Holder Base Sees Rapid Decline
Santiment, a Market Intelligence platform has unveiled a rather bearish trend involving Dogecoin investors and holders. The platform revealed in an X (formerly Twitter) on October 15 that the number of active Dogecoin holders is falling at a significantly rapid pace.
Based on its reports, there has been a net loss of approximately 106,600 non-empty wallets since Tuesday, October 8. A non-empty wallet here refers to a crypto wallet that contains at least some DOGE tokens. Sharing a chart illustrating the decline in the Dogecoin holder base, Santiment revealed that the total number of Dogecoin holders is estimated currently at 6.62 million. This figure marks 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. In light of this, Santiment has noted a shift in investors’ sentiment and interest in Dogecoin.
The market intelligence platform has disclosed that 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, 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.
As the top meme coin in the market, many a dramatic DOGE surge to occur in order to reap immense benefits. However, the cryptocurrency’s recent fluctuating performance and inability to reach the coveted $1 mark has left many investors concerned.
Analyst Doubles Down On $10 Price Target For DOGE
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 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.