- Dogecoin is outperforming major altcoins like XRP and ADA.
- Bitcoin and Toncoin set new records for nonempty wallet addresses, while DOGE, Bitcoin, and Ethereum see varying levels of growth.
- Analyst Ali Martinez predicts a potential massive bull run for DOGE, drawing parallels with its past performances in 2017 and 2021.
Recent data from the on-chain aggregator Santiment has highlighted a notable increase in whale activity across the cryptocurrency market over the past half-year. This trend has notably pushed Dogecoin (DOGE) to outperform several major altcoins, including XRP and ADA, in terms of wallet growth and market movement.
Dogecoin Nearly Outshines Bitcoin and Ethereum
While Bitcoin and Ethereum remain the giants in the crypto space with substantial increases in their wallet numbers—reaching 53.9 million and 120.7 million respectively—DOGE has showcased a remarkable 27% growth, achieving a milestone of 6.6 million wallets.
In comparison, XRP and ADA have lagged behind, with ADA showing no growth in its wallet numbers, which remain steady at 4.5 million.
The cryptocurrency market has seen significant milestones, with Bitcoin setting a new all-time high in nonempty addresses, reaching 53.85 million over the past six months.
Similarly, Toncoin (TON) has experienced a rapid expansion, with its wallet numbers soaring to a new high of 16,800, a massive 110% increase, indicating a faster growth rate than Bitcoin.
Dogecoin’s Bullish Future Anticipated by Analysts
Cryptocurrency analyst and trader Ali Martinez has stirred the community with his prediction of an impending bull run for Dogecoin. Citing historical patterns observed in 2017 and 2021, where DOGE underwent substantial retracements before massive surges (982% and 12,197%, respectively), Martinez suggests that the current market conditions are ripe for another significant bull movement for DOGE.
He notes that the meme coin has recently broken out from a descending triangle pattern, a technical indicator that previously preceded major price rallies.
