Dogecoin Holders Surge: A Signal for Price Rise?

- The Number of Dogecoin Holders Increases by 60K in the Last 10 Days - Dogecoin's 30-Day MVRV Ratio Recovers from Negative to 0.69% [Unblock Media] Recently, the number of Dogecoin (Dogecoin) investors has increased, and a similar price surge as before is anticipated. In the past, from September 23 to December 12, Dogecoin’s price rose from $0.10 to $0.47. Whether the influx of new investors will drive up the price of Dogecoin or lead to another price drop remains to be seen. Between November 22 and December, the number of Dogecoin holders decreased from 7.14 million to 6.8 million. During the same period, Dogecoin's price also dropped from $0.47 to $0.39. This suggests significant profit realization at the time. However, according to on-chain data from Santiment, the recent situation has begun to change. According to Santiment, the current number of Dogecoin holders has surged to 6.68 million. This means that in the last 10 days, 60,000 new holders have acquired Dogecoin. The increase in the number of holders not only reflects a numerical rise but also indicates that general investors are starting to have positive expectations about Dogecoin's future price potential. The MVRV (Market Value to Realized Value) ratio supports this point. MVRV measures the ratio of the current price of the coin to the average purchase price, assessing whether an asset is overvalued or undervalued. The current 30-day MVRV ratio for Dogecoin has recovered from negative to 0.69%. When such a transition occurred previously, the price surged from $0.10 to $0.47. Therefore, if the current pattern repeats, Dogecoin may experience another surge. Additionally, from a technical perspective, a bullish flag pattern is forming on the daily Dogecoin/USD chart. A bullish flag pattern, often seen in major cryptocurrencies like Bitcoin or Ethereum, consists of a vertical rise followed by a short correction period, which then leads to continued upward momentum. If this pattern is fully confirmed, Dogecoin's price could rise to $0.60. In extreme cases, the value of this meme coin could approach $1. However, if the price falls below the lower trendline of this pattern, such predictions would be invalidated. Santiment's on-chain data plays an important role in predicting Dogecoin's price. On-chain data reflects market sentiment and investor behavior, providing signals about the market's potential direction. For example, a surge in the number of holders indicates that investors are beginning to have strong buying sentiment, which can act as a catalyst for price increases. Through such analysis, we can more confidently project the price outlook for Dogecoin.