The number of wallet addresses holding Dogecoin (DOGE) has hit a new high of 90 million, indicating a growing interest and adoption of the meme-based cryptocurrency among investors.

Potential for Dogecoin to Reach $1

Recent data from IntoTheBlock reveals that Dogecoin has surpassed 90 million total addresses, with approximately 4.76 million addresses currently holding DOGE tokens. This milestone comes at a time when the crypto market is experiencing a resurgence in demand, potentially propelling Dogecoin to the $1 price level.

Earlier this year, Dogecoin and other meme coins like Shiba Inu saw significant price increases, with Dogecoin currently showing a 12.57% gain after facing multiple declines recently.

Trading volume for Dogecoin has also seen a notable increase in the past 24 hours, with a 65.86% surge, while its market capitalization has risen by 3.68%. Despite market uncertainties, Dogecoin continues to perform well.

While the increase in wallet addresses does not guarantee a price surge, it indicates a potentially bullish trajectory for the cryptocurrency. Analysts are optimistic about Dogecoin’s future, with some predicting a breakthrough to $1 by the end of 2024.

Challenges Ahead for Dogecoin

Despite the positive outlook, Dogecoin may encounter resistance levels, particularly around $0.135, before it can experience a significant bullish trend. Breaking these key resistance levels could pave the way for a surge to $0.22, according to analysts.

Currently trading at $0.122, Dogecoin still has room for growth, with analysts foreseeing a potential all-time high by the end of August. While Dogecoin has never reached the $1 mark since its inception, it reached a peak of $0.74 during the 2021 bull run.