According to U.Today, Dogecoin (DOGE) price is potentially set to surge to its all-time high. This prediction is based on an analysis from IntoTheBlock, which highlights the absorption of 21.74 billion DOGE as a key factor. This significant volume of DOGE is currently held across 953,590 wallets within a price corridor ranging from $0.1636 to $0.671. Despite the current losses experienced by the holders, a resolution of this supply block could lead to a significant price increase for DOGE.
However, experts warn that the absorption process could introduce sell pressure onto the market as the price corridor transitions. At present, DOGE is valued at $0.152, with its peak at $0.74, indicating the potential for substantial gains. It's important to note that the volume in question represents only a fraction of Dogecoin addresses. Data shows that 5.13 million addresses hold 122.75 billion DOGE, making up 81.05% of all addresses.
This substantial ownership provides a strong foundation for the meme cryptocurrency, but it also carries the risk of intensified sell pressure. While on-chain indicators suggest a clear path to a new price high for DOGE, there is speculation about the market's response. Factors such as investor sentiment and external market dynamics are being considered as potential influences on the popular meme cryptocurrency's price trajectory.