Dogecoin Sees Record Address Growth Amid Market Uncertainty
Dogecoin has hit a new milestone, with the number of active addresses reaching an all-time high. This surge comes as both whales and retail investors increase their accumulation, signaling growing interest in the asset.
DOGE Price Faces Turbulence
Despite strong accumulation, Dogecoin recently saw a sharp 33% drop, falling from $0.30 to $0.20 during a major market downturn. However, key technical indicators suggest a potential recovery could be on the horizon.
US Strategic Crypto Reserve: A Remote Possibility?
Speculation is swirling around Dogecoin’s potential inclusion in the US National Digital Assets Stockpile or Strategic Crypto Reserve. While unlikely, DOGE’s widespread adoption, its ETF status, and Elon Musk’s influence in regulatory circles make it a candidate worth watching.
Why Are DOGE Addresses Surging?
Prominent crypto analyst Ali Martinez highlighted a chart showing Dogecoin’s address count hitting a record 83.5 million. The rising participation from retail investors, alongside whale accumulation, suggests growing confidence in the token.
Adding to the excitement, the US White House is set to hold a pivotal crypto summit within 48 hours. Topics such as crypto regulations, digital asset reserves, and policy frameworks could significantly impact the market’s direction.
DOGE’s Potential Role in a US Crypto Reserve
Although memecoins are generally not considered serious contenders for a national reserve, Dogecoin stands out due to its strong community, existing ETF, and regulatory clarity. With the SEC classifying memecoins as collectibles rather than securities, DOGE now enjoys a less restrictive regulatory environment, potentially boosting investor confidence.
Impact on Dogecoin’s Price
The increase in DOGE addresses could be a key indicator of a price movement. Historically, spikes in address count have been followed by price rallies. If accumulation continues, Dogecoin might be poised for a strong rebound.
However, in the short term, DOGE faces two potential scenarios:
If included in the US Crypto Reserve, DOGE could rally to $0.48, reaching its 2024 high within days.
If excluded, a drop toward $0.15 remains a possibility, though speculation on inclusion remains minimal.
DOGE Price Forecast for This Week
Currently trading at $0.21, Dogecoin is consolidating around key support levels after its recent decline. A further dip below $0.195 could trigger a correction toward $0.093. However, an accumulation-driven bounceback could see DOGE revisiting $0.30 soon.
The RSI, currently at 40, indicates strengthening momentum, suggesting that a reversal may be on the horizon.
Market Volatility Expected Post-Crypto Summit
The upcoming White House crypto summit is expected to be a major market-moving event. If DOGE gains any positive regulatory outlook, a sharp price increase could follow. Conversely, a lack of recognition may trigger short-term selling pressure.
