‍ #Gateio动态‍#  Dogecoin New Wallet Number Breaks Record, Could Price Rise?

Dogecoin (DOGE) has seen a huge increase in wallet addresses in recent days. The addition of more than 200,000 new addresses indicates that investors are increasingly interested in DOGE. So, will this movement push the price up, or is it just short-term speculation?
What Does the Increase in Dogecoin Wallets Mean?
According to the latest data, more than 200,000 new wallets were added to the Dogecoin network in a single day. This is a big jump compared to the stagnant growth in recent months.
Historically, such a large wallet increase indicates that retail investors are entering DOGE and adding new liquidity to the market. However, it is unclear whether these addresses are long-term investors or short-term speculators. If speculators dominate, price movements can be volatile.
How Is Dogecoin Price Responding to This Surge?
DOGE has not experienced the same excitement in terms of price despite the explosion of new addresses. It is currently trading at $0.167 and has dropped 2.96% in the last 24 hours.
The fact that the 50 and 200-day moving averages are still above the price shows that DOGE is technically in a downtrend. However, the upward movement of the Accumulation/Distribution indicator shows that accumulation is increasing and that buying pressure may strengthen in the coming days.
Will DOGE Rise?
The Dogecoin price is currently at critical levels. If buyer interest continues, DOGE could target $0.20 and then test the $0.25 resistance. However, if these new wallet addresses were created for speculative purposes, the price could turn downward and retreat to $0.15 levels.
This big movement could be a significant turning point for Dogecoin. However, investors need to be careful and evaluate price movements together with volume. If the momentum is maintained, DOGE could make the expected breakout!
Big Test for Dogecoin! Will the Bulls Win or the Bears?
The new address explosion in Dogecoin shows that investors have great expectations. However, price movements still do not have a clear direction. If DOGE cannot overcome the resistance levels, selling pressure may increase and the price may pull back. However, if a strong buying wave comes, Dogecoin could rise faster than expected!