Dogecoin (DOGE) fell on Monday, a leading memecoin by market capitalization, and as a result, many holders lost heavily. Blockchain analytics firm Santiment reports that almost 106,000 Dogecoin wallets have gone inactive since Oct. 8, as investors redouble their efforts elsewhere in search of faster gains.
DOGE’s price plummeted by 1% in the last 24 hours, as other memecoin prices were also on the decline. But Dogecoin is still up 9 per cent over the past week, ahead of its peers. In contrast, TURBO token increased 76 percent over the same period and ranks as the top performer in the crypto space.
Dogecoin Bullish Amid Bitcoin Surge
It comes as Bitcoin has seen a bullish price performance in recent days, with some analysts predicting the price of Bitcoin could hit $120,000 by year’s end, which may be shifting sentiment around altcoins like Dogecoin.
Crypto analyst Ali Martinez tweeted a potential buy signal for DOGE as the price of the meme token appeared to be moving higher on the four hour chart. In fact Martinez even went so far as to think that DOGE could skyrocket to $10, an astronomical 84,200 percent jump from current levels.
Yet despite those predictions, Dogecoin is still more than 83 per cent down from its all time high of $0.7316 made in May 2021. While there are fewer active wallets, a DOGE is still bullish, possibly with a return in sight for the focus on altcoins.
