Mad dog is coming! Analysts think Dogecoin is “about to go crazy”

https://crypto.news/analyst-believes-...

Today is December 7, 2023, Thursday, everyone be well!
The night before dawn is the darkest,
But I guarantee the sun is coming up and a bull market is coming.
Believe in the power of Dogecoin, believe in the value of Dogecoin,
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This is the news station of the Dogecoin Chinese community
The news we are going to introduce today comes from crypto news
This news was published on December 5, 2023, Taiwan time
The headline is: Analysts Think Dogecoin is “About to Go Crazy”

Dogecoin (DOGE) is on the verge of a major breakout, a well-known cryptocurrency analyst said on his YouTube channel Crypto Capital Venture. He noted that about 65% of Dogecoin wallet addresses are currently profitable and that 50,000 new addresses have been added in the past 30 days, indicating increased investor interest. The analyst believes Dogecoin is undervalued, setting a short-term price target of 16 cents, which would be a nearly 100% upside from the current price of around 9 cents. His optimistic view is driven by overall market enthusiasm for the upcoming launch of the Doge-1 satellite, which will be paid for in Dogecoin, and the recovery of Bitcoin prices above $42,000, firmly believing that Dogecoin has huge upside potential.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Rapid growth of wallet addresses: The original article pointed out that the number of Dogecoin wallet addresses increased by 50,000 in the past 30 days. This rapid growth reflects the rapidly rising interest in Dogecoin. Historically, cryptocurrency wallet address growth tends to be closely correlated with price increases. For example, during the Bitcoin price surge in 2017, the increase in new wallets was positively correlated with market popularity. Therefore, this growing trend may indicate that Dogecoin is about to experience a significant price increase.

2. High proportion of profitable addresses: According to the original article, currently about 65% of Dogecoin wallet addresses are profitable. This high ratio indicates that the majority of investors currently have a positive view on Dogecoin. In the cryptocurrency market, investor sentiment has a significant impact on price fluctuations. When most investors are in profit, the market's confidence in the currency increases, which may further push prices up, leading to a "crazy" market.

3. The overall market trend and the impact of special events: The original article mentioned the recovery of Bitcoin prices and the upcoming launch of the Doge-1 satellite. As the leader of the cryptocurrency market, Bitcoin’s price movements often have a significant impact on the entire market. In addition, the launch of the Doge-1 satellite, as a special event, may attract widespread attention and further increase interest in Dogecoin. Similar events have had short-term significant effects on cryptocurrency prices in the past, such as Elon Musk's tweets about certain cryptocurrencies that caused market volatility.

Overall, the price potential of Dogecoin is receiving great attention from the market. This is mainly attributed to the rapid growth of its wallet addresses, the high proportion of profitable addresses, as well as overall market trends and upcoming special events, such as the Doge-1 satellite launch and the recovery of Bitcoin prices. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.