Altcoin
Dogecoin Wallets Just Hit A New All-Time High, But Why Is Price Struggling?
Dogecoin has reached a new milestone with the number of wallets on the network hitting a new all-time high (ATH). Despite this bullish development, the DOGE price continues to struggle, which has raised concerns among community members.
Dogecoin Wallets Hit New ATH But Price Continues To Struggle
In an X post, crypto analyst Ali Martinez revealed that the total number of Dogecoin wallets has hit a new all-time high of 83.48 million. This is bullish for DOGE as it indicates that more users are actively using the network, and the foremost meme coin. An increase in Dogecoin’s utility tends to lead to higher prices for the meme coin.
However, in this case, the Dogecoin price is struggling despite the network’s addresses hitting a new ATH. DOGE is currently below the psychological $0.20 price level, having steadily declined from a local high of $0.46 achieved in December. As Bitcoinist recently reported, Dogecoin’s price decline is due to external factors rather than its fundamentals.
The ongoing trade war between the US and other countries like Canada, Mexico, and China has sparked a bearish sentiment among investors and negatively impacted Dogecoin and other crypto assets. Moreover, the US has continued to create uncertainty in the market by going back and forth on what tariffs it is choosing to impose on these countries.
Meanwhile, the US Federal Reserve maintains a hawkish stance, reducing the likelihood of the Fed cutting interest rates this year. This is also bearish for Dogecoin and continues to impact its price. Investors are unlikely to allocate much capital to the meme coin and other risk assets without assurances of a rate cut this year.
DOGE At Risk Of Dropping To As Low As $0.15
In an X post, Ali Martinez warned that the Dogecoin price could drop to as low as $0.15 if it breaks below the $0.19 support level. He explained that since 2014, DOGE has been trading within an ascending channel and has tended to rebound from the channel’s lower support trendline to the upper resistance trendline.
However, crypto analyst Trader Tardigrade suggested that the Dogecoin price could break out to the upside rather than suffering a break below $0.19. In an X post, he stated that DOGE’s Average Directional Index (ADX) indicates a potential surge ahead. His accompanying chart showed that the foremost meme coin could rally to $2.8 when this surge happens.
Meanwhile, amid this market downtrend, crypto analyst Kevin Capital has indicated that now might be a good time to accumulate Dogecoin. He pointed out DOGE’s weekly Relative Strength Index (RSI), which is currently oversold. As such, the meme coin could soon rebound from its current price level.
At the time of writing, the DOGE price is trading at around $0.19, down over 8% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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A Dogecoin (DOGE) price breakout past its previous All-Time High (ATH) price is gradually becoming possible amid the current market setup. While still tied in a long-drawn consolidation, a potential breakout is ahead for the memecoin, according to predictions from market analysts.
Dogecoin Price and Open Interest Outlook
As of this writing, DOGE’s price has changed hands for $0.1569, which has increased by 3.3% in the past 24 hours. This price trend is a testament to how resilient the DOGE price is, having traded at a low spot value of $0.1532. The memecoin has traded at a very close range during this period.
The current DOGE outlook shows a bullish trend in the futures market as showcased by Open Interest data. Data from Coinglass pegs the total Dogecoin committed to the futures market at 9.87 billion DOGE. This was valued at $1.54 billion and has skyrocketed by more than 5% in 24 hours.
Top crypto exchanges like Binance, OKX, and Bybit saw the highest DOGE open interest record. While the price traded at a relatively close range, the open interest commitment proves that traders with leverage are betting on the asset.
DOGE Price to $5.6?
Optimism trails Dogecoin, despite its spot value now trading down 78.71% from its ATH of $0.7376. Market analyst Dogedog told his more than 58,600 followers on X that the price of DOGE is heading to $5.6.
#Dogecoin heading to $5.60.
Breaking falling wedges. pic.twitter.com/XH7bwI7am4
— dogegod (@_dogegod_) April 17, 2025
While Dogegod did not provide a timeline or much context for his prediction, he highlighted how the memecoin breaks falling wedges. The analyst is not alone in his projection for the coin, as an earlier DOGE price analysis, Ali Martinez, predicted a $0.29 rally for the asset in the near term.
Although this price trend is not unrealistic, the broader market slowdown may serve as a bottleneck. Key performance metrics already tipped the Dogecoin price in line for a short-term breakout. With trading volume up 6% to more than $586 million as of writing, retail interest in the coin has further skyrocketed.
Dogecoin remains the lead among altcoins being considered for an exchange-traded fund (ETF) product. As reported earlier by CoinGape, 21Shares filed for a spot Dogecoin ETF, the latest asset manager to make the move. The belief is that an approval can usher in institutional funds, which can help fuel the coin’s price growth.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The BNB Foundation has reached its 31st quarterly token burn, taking 1,579,207 tokens out of circulation. This colossal decrease, valued at about $916 million at today’s prices, reaffirms the project’s long-standing dedication to reduce its overall supply.
Burn Size Records Marginal Decline From All-Time High
The latest burn is reported as a dip from the previous quarter’s all-time record. The 30th quarterly burn destroyed 1.634 million tokens worth approximately $1.16 billion. The earlier burn destroyed 1.524 million tokens via the Auto-Burn system and approximately 110,000 units via the Pioneer Burn Program. The latest burn didn’t see any tokens from the Pioneer program.
The 31st quarterly $BNB token burn has been completed directly on BNB Smart Chain (BSC).
1.57M BNB has been burned 🔥
View burn details 👇https://t.co/u6HT0dLyFe pic.twitter.com/7jWUC9DgC0
— BNB Chain (@BNBCHAIN) April 16, 2025
Token Supply Close To Halfway Point To Achieve Target Goal
By means of this last cut, BNB has collectively burned around 40.89 million tokens now. At a price of $581 per token, this equates to the value of some $23.75 billion eradicated from supply forever.
The original plan in the ecosystem as described in its whitepaper has been to halve the entire supply from 200 million down to 100 million tokens. The supply that exists now amounts to about 139.311 million tokens, leaving the token almost halfway toward its final mark.
Market Position Continues Strong Even Amid Community Worries
The circulating supply continues to be the fifth-largest in market capitalization, with its value at around $81 billion. It is the leading exchange token in the market.
Some of the community members have raised the issue of whether it is rational to burn amounts this big when the money can be used to fund marketing initiatives instead.
Many have asked: Why don’t you use that money for marketing instead?
Me: It’s not up to me. It was in the whitepaper. A promise is a promise.🤷♂️
— CZ 🔶 BNB (@cz_binance) April 16, 2025
Asked how these issues can be addressed, Binance founder Changpeng Zhao replied that the burn mechanism is a promise set forth in the token’s whitepaper, remarking simply: “A promise is a promise.”
Multiple Burning Methods Drive Systematic Supply Reduction
According to data from the foundation, BNB has two mechanisms in place to control its token supply. The first is the quarterly Auto-Burn which varies according to price and network usage. The second occurs real-time via BEP95, burning tokens within gas fees network-wide. All tokens burned are directed into a provable “black hole” address where they are irretrievable from circulation.
The Binance coin token has various roles in its ecosystem, fueling transactions on BNB Smart Chain, opBNB, and Greenfield networks. In addition to paying for transaction fees, it is used as a governance token and reserve asset and also fuels ecosystem growth.
Featured image from Pexels, chart from TradingView
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Coinbase exchange has made significant improvements to its Solana network infrastructure to enhance speed, resiliency, and scalability. The exchange further said that certain technical improvements have been implemented that have boosted performance numbers for Solana transactions on the exchange.
Coinbase doubles down on Solana ecosystem commitment
As per Coinbase’s announcement, the enhancements comprise asynchronously processing transactions. This has seen block processing throughput increase five times. The company has also introduced bare metal machines that have seen RPC (Remote Procedure Call) performance improve four times. These enhancements come with better failover mechanisms, liquidity optimizations, and enhanced operating controls to enhance the overall system resilience.
We’ve been hard at work scaling our @Solana infrastructure to be faster, more resilient, and more scalable.
We have upgraded our systems to:
→ Process transactions asynchronously, leading to a 5x improvement in block processing throughput.
→ Leverage bare metal machines for 4x… pic.twitter.com/WFINzCutNK— Coinbase Platform (@CoinbasePltfrm) April 17, 2025
Coinbase upgraded its infrastructure, which means it wants to improve its Solana features as more and more people use the blockchain. The exchange highlighted that these technology upgrades will enable it to process transactions more effectively and dependably for senders and receivers of SOL and Solana tokens.
Coinbase said that this work is part of their dedication to achieving the best performance for Solana transactions. The company said that they will keep working on it and plan to invest more in Solana infrastructure to keep up with the growing demand as the network grows.
The upgrades are happening now because more institutional investors and developers are becoming interested in Solana. Coinbase has changed how it manages Solana’s fast blockchain by processing transactions at the same time. The announcement comes as Canada is set to approve multiple spot Solana ETFs this week.
SOL price shows bullish indicators amid institutional interest
As Coinbase improves its technical infrastructure for Solana, analysts are noting positive price action for SOL. Analyst Andrew Griffiths has identified several bullish technical indicators in his recent analysis of Solana’s price movements.
According to Griffiths, Solana has broken out of a descending parallel channel on the daily chart, retouched the trendline, and begun moving upward. The price has remained above the 21-day exponential moving average (EMA) for several days and remains above solid support around the $117 level.
#SOL Solana is showing signs of bullish momentum:
**Daily Analysis:**
– Price has broken out of a descending parallel channel, retouched the trendline, and is on the rise.
– Closed above EMA21 for several days, overcoming an initial hurdle!
– Price is above strong support around… pic.twitter.com/phvoODMj5o— Andrew Griffiths (@AndrewGriUK) April 17, 2025
Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are still in a bearish trend on daily charts but are moving closer to the positive axis.
MACD and RSI are both bullish on the 4-hour time frame. Price is over the 22-period EMA, and the 21-period EMA is over the 55-period EMA. The 200-period EMA has been stable with current price action, and current candles have closed over all EMAs.
Institutional interest in SOL also appears to be growing, with analyst Gordon reporting that real estate firm Janover has purchased an additional 80,567 SOL worth approximately $10.5 million. This acquisition brings Janover’s total Solana holdings to 163,651 SOL in its treasury.
Vignesh Karunanidhi
Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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