- Dogecoin recent surge to over 127,000 active addresses signals growing market interest that could support a price rally, though reaching $1 remains unlikely in the short term.
- Its price movement will largely depend on Bitcoin’s trajectory, with a $1 breakthrough possible only in a very bullish scenario by 2027 or 2028.
Dogecoin is back in the spotlight as a massive spike in on-chain activity has captured market attention. With over 127,000 active addresses interacting with the network, analysts believe this renewed interest could ignite a fresh rally for the memecoin. But does this mean a $1 Dogecoin is within reach?
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A Spike in Active Addresses Sparks Speculation
According to on-chain analyst Ali Martinez, Dogecoin’s active addresses surged over 150% in just 48 hours, climbing to 127,570. This level of network engagement is significant, especially as the broader crypto market leans bullish. Increased participation often hints at growing interest and potential price movement, which could favor DOGE in the coming days.
While Dogecoin’s price recently dropped 1.99% to $0.2349, it has remained above the key support level of $0.2287. Traders are closely watching this momentum, with many viewing the spike in activity as a potential trigger for a larger breakout.
Bitcoin’s Influence Still Dominates
Despite the optimism, Dogecoin’s path forward may depend on Bitcoin’s performance. Historically, DOGE has closely followed Bitcoin’s trends. If Bitcoin continues to rise, Dogecoin could benefit from the tailwind. However, a 10% correction in Bitcoin could spell a 20% to 30% decline for DOGE due to its higher volatility.
Still, some believe the recent increase in Dogecoin’s network usage could provide short-term resilience—even if Bitcoin stumbles.
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Can Dogecoin Really Reach $1?
The idea of Dogecoin hitting $1 has been circulating for years. But at its current price of $0.2349, DOGE would need to gain more than 300% to hit that mark. Technical analysis shows that the coin must first break through resistance at $0.24, then $0.30, and eventually $0.50 before the $1 goal can become realistic.
Analysts suggest that while a $1 price is unlikely in the short term, a broader bullish market paired with continued adoption could make it possible by 2027 or 2028.
Dogecoin’s recent on-chain surge has reignited hopes for a strong price breakout. While a $1 price remains a distant goal, the increase in active users signals growing interest and market potential. With the right mix of adoption, investor sentiment, and support from Bitcoin, DOGE may just surprise the market again.
