After breaking the 5 million mark in non-zero DOGE wallet addresses yesterday, the price of Dogecocoins has fallen 1. [] 5% in the past 24 hours to $0. [] 078,079.

DOGE is currently up 1. [] 5% in the week and up 13% in the past 30 days, while the Meme token is up a relatively modest 11% since the beginning of 2023.

This pales against some of the gains recorded by the larger tokens (such as BTC, ETH, XRP, SOL) since January, but the $5 million announcement highlights the token's potential as a medium of exchange.

Since the Dogecoin community still hopes X to be able to add DOGE payments to its network next year, the original meme coins could see huge gains in the near future.

With adoption growing to 5 million wallet addresses, can DOGE reach $10?

While many analysts expect a strong performance by the end of the year, DOGE's chart looks likely to begin a mid-term decline after the all-market boom in November.

Its RSI (purple) has fallen below 60 and looks set to reach 50 in the next few days, meaning the meme tokens could fall further.

On the other hand, DOGE's 30-day average (yellow) continues to be above the 200-day average (blue), which usually indicates that assets are still in the middle stage of the growth phase.

This view is reinforced by the token support level (green), which has risen in recent weeks and prevented DOGE from falling below the $0. [] 070 level.

So today's decline could be short-lived, with DOGE trading at around $600 million today. In fact, the whale is still accumulating tokens, so it may soon rise further. However, this will depend on the overall trajectory of the market, and the sentiment depends largely on the progress of the Bitcoin ETF applications.

Such applications will be decided in January, meaning that DOGE and the market are likely to see a * * rebound in recent memory by then. Otherwise, the price of Dogecoin is more or less entirely dependent on the X, which could eventually bring in cryptocurrency / Dogecoin payments at some uncertain moment in the future.

Given that about 5 million dogecoin wallet addresses currently hold some DOGE, this payment feature could be popular, proving the enduring popularity of the currency.