Dogecoin steals the spotlight from major altcoins like XRP and ADA as it outperforms them in the cryptocurrency market. Renowned analyst Ali Martinez predicts a potential massive bull run for DOGE, drawing parallels with its past performances in 2017 and 2021. Recent data from Santiment, the on-chain aggregator, reveals a significant increase in whale activity, propelling DOGE ahead in terms of wallet growth and market movement.
DOGE shines as it nearly surpasses Bitcoin and Ethereum. While Bitcoin and Ethereum continue to dominate the crypto space with substantial increases in their wallet numbers, DOGE exhibits an impressive 27% growth, reaching a milestone of 6.6 million wallets. In contrast, XRP and ADA lag behind, with ADA showing no growth, maintaining a steady 4.5 million wallets.
The cryptocurrency market witnesses notable milestones, with Bitcoin setting a new record of 53.85 million nonempty addresses over the past six months. Similarly, Toncoin (TON) experiences rapid expansion, with its wallet numbers soaring to an all-time high of 16,800, indicating a faster growth rate than Bitcoin.
Analyst Ali Martinez creates anticipation within the community by predicting an imminent bull run for Dogecoin. Martinez points to historical patterns observed in 2017 and 2021, where DOGE experienced significant retracements before massive surges of 982% and 12,197% respectively. He suggests that the current market conditions are conducive to another significant bull movement for DOGE, noting the recent breakout from a descending triangle pattern, a technical indicator that has previously preceded major price rallies.
