According to Fxstreet analyst Ekta Mourya, the Dogecoin price is at risk of crashing as wallet addresses holding DOGE have taken a hit. The Doge price may plummet in response to the drop in network activity and demand for meme coin among investors. The number of wallet addresses holding Dogecoin has recently dropped 14.5% to 3.89 million, indicating that the demand for the meme coin is declining. Analysts believe that the DOGE price could drop to $0.09 in the ongoing price cycle.
Dogecoin (DOGE) pending danger
DOGE price may decrease as the number of investors in the meme coin network decreases. According to analysts at FXStreet, the price of the meme coin may continue its downtrend. DOGE price risks falling further as adoption declines. Based on data from IntoTheBlock, Dogecoin addresses witnessed a significant drop, falling from 4.55 million addresses to 3.89 million, down about 15%. The falling addresses indicate a consistent decline in investor interest and adoption of the meme coin, according to analysts who cryptokoin.com consulted.
Supporters believe the Shiba Inu and Doge are facing a tough challenge as prices try to recover. Memecoins have hit the kennel and analysts are predicting further declines in the ongoing price cycle. Dogecoin killers Shiba Inu and Doge have experienced a double-digit price drop over the past two weeks. The thirteenth-largest cryptocurrency by market cap is about 85% off its all-time high, and analysts believe there is room for more crashes.
Analysts presented bearish outlook
Analysts evaluated Doge price trend and presented bearish outlook. FXStreet analysts argue that the Doge price follows the previous falling wedge, which is considered a bearish indicator for the meme coin. According to analysts at FXStreet, the drop in Dogecoin price has been greatly prolonged. The trendline continues to be tested and Dogecoin price bounces off it. Dogecoin price reached the lowest daily close of the last 300 days on March 13, 2022. The Dogecoin price downtrend started in May 2021 and has continued for the past nine months. Analysts believe that Dogecoin price could hit a downside target of $0.09.
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