Dogecoin Holder Base Reaches New Record Amid Surge In Interest
28 Marzo 2024 - 12:00PM
NEWSBTC
Dogecoin has soared toward a new record in one notable metric as
interest in the meme coin continues to surge. This time around, the
holder base of the cryptocurrency has reached a new all-time high,
signaling rapid adoption among crypto investors. Dogecoin Holders
Cross 6.9 Million The month of March has come with glad tidings for
Dogecoin. Not only has the meme coin’s price risen tremendously
this month, its holder base has also seen a lot of growth. This
month, the total DOGE holder base crossed 6.9 million for the very
first time, setting a new record. However, the meme coin is not
anywhere near done as the number continues to rise. Related
Reading: Here’s Why The Cardano Price Is Struggling Below $0.7
According to data from the Coincarp website, the number of Dogecoin
holders on the mainnet has reached 6,932,763 as of March 28. Given
the growth rate of the number of holders over the last month, the
number could cross 7 million before the month of March is over.
This new record is a testament to the adoption that DOGE has
witnessed over the last few months. Despite competitors such as
BONK, PEPE, and WIF springing out of the woodwork, as well as its
fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin
has dominated as the leading meme coin. To put this growth in
perspective, the DOGE holder base started out the year 2024 with
around 6.06 million holders. Three months later, it is more than
6.9 million, meaning that the holder base grew more than 14% during
this time. DOGE Outlook Continues To Be Bullish In addition to the
rapid rise in Dogecoin holders, there has been a notable uptick in
other metrics, such as daily transaction counts, whale
transactions, and age consumed. These point to a rise in bullish
sentiment among investors who expect the price to keep going up.
Related Reading: Fifth Largest Bitcoin Whale Moves $6 Billion In
BTC, Here’s The Destination The age consumed is particularly
important here since it shows that more investors are choosing to
hold their DOGE tokens for the longer term. This has significantly
reduced the selling pressure on the meme coin, allowing it to rally
at a time when most of the crypto market remains suppressed.
Another metric that has shown a significant increase is the daily
transaction volume which is up almost 50% in the last day. This
uptick shows more interest in trading Dogecoin and with its price
surging in the last day, it suggests that the majority of this
volume is skewed toward buying rather than selling. The DOGE price
is currently reflecting this surge in interest as its price is up
almost 10% in the last day. However, the bears continue to maintain
resistance around $0.2, forcing the meme coin back downward. DOGE
price at $0.2 | Source: DOGEUSDT on Tradingview.com Featured image
from Capital.com, chart from Tradingview.com
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