The number of Dogecoin addresses holding at least 10,000 DOGE has remained flat since early 2023.
The latest chart from Glassnode shows this metric stalled just above 220,000 wallets. This stagnation mirrors past consolidation phases before large upward moves, particularly the 2021 rally, when Elon Musk played a major role in driving DOGE hype.
Back then, wallet counts surged suddenly. In April 2021, during the peak Musk phase, addresses with 10k DOGE shot up in tandem with price. That fractal could repeat in 2025, especially as speculation rises around Musk returning to Dogecoin promotion. As of now, DOGE trades near $0.19, but investor focus remains on what might come if social media sentiment climbs again.
DOGE Price Holding Key Channel, Next Leg Up Could Be ‘Insane’
A long-term DOGE price chart from TradingView shows the token consistently holding its position within a rising parallel channel. Since late 2022, Dogecoin has bounced off the lower trendline three times. Each bounce historically led to exponential growth. In 2017, it delivered a 9,000% spike. In 2021, the breakout reached 30,000%.
Now, with price again rebounding from the lower boundary near $0.07, chart patterns hint at another breakout forming. The descending triangle has broken to the upside, and multiple green arrows mark this support retest. A user named CEO (@Investments_CEO) highlighted the setup and called the next move “insane” based on fractal alignment and previous results.
Musk’s Focus Shift Fuels Speculation
Crypto expert Maksim Balashhevich believes that Musk may resume his Dogecoin antics now that he’s distancing himself from U.S. government duties. Balashhevich told Santiment followers that Musk could re-engage with DOGE via social media, just as he did in 2021.
This speculation follows a 200% DOGE rally in November 2024 and another short-lived spike in January 2025 when Musk was linked to the mock Department of Government Efficiency. Though price fell afterward, DOGE has maintained higher support levels and continues to follow its upward structure.
With the whale address count dormant but known to jump fast and DOGE trading within a bullish technical channel, Musk’s return to crypto commentary could be the missing trigger. Many are now watching for a similar social-driven explosion—one that could repeat history and send Dogecoin into another insane rally.