As seen above, only 6.7 million addresses held DOGE as of the November 12 close. But since then, this figure has continued to increase. At the time of publication on November 22, the total number of DOGE holders had reached 7.07 million addresses, reporting that 307,000 new wallets purchased DOGE in the last 10 days.
This implies that Trump’s confirmation of DOGE on November 12 improved Dogecoin’s perceived legitimacy and popularity. Therefore, the
Typically, such a dramatic increase in the number of new DOGE wallets sends bullish signals for two key reasons.
- Increased adoption and network growth
The addition of 307,000 new addresses in just 10 days highlights renewed interest for retailers. This indicates that Dogecoin is gaining traction among new investors, perhaps boosted by Trump’s DOGE confirmation.
Such network growth often correlates with higher transaction volumes and greater long-term trust in the asset, thereby boosting its utility and adoption.
- Stronger dynamics during the next escape attempt
Such a large influx of new Dogecoin wallets during a consolidation phase reflects the fact that the owners of 370,000 new purchase wallets took advantage of the consolidation phase to purchase more DOGE. This network growth could build momentum during the next price breakout attempt.
Dogecoin Price Forecast: New Momentum Could Spark Rally to $0.56
After a 10-day consolidation, Dogecoin price is now above its volume-weighted average price (VWAP) level of $0.39, signaling strong bullish momentum.
Additionally, the Bull Bear Power (BBP) indicator has moved into positive territory, suggesting increasing buying pressure during the ongoing consolidation phase. Both indicators reinforce the potential for a short-term bullish breakout.