- Dogecoin holders have dropped by over 106,000 in the past week, while the price increased by 14%.
- Active Dogecoin addresses surged from 176,000 to over 294,000, reflecting growing network activity.
As a researcher with years of experience observing and analyzing cryptocurrency markets, I find the recent developments surrounding Dogecoin to be intriguing. It seems that while we are witnessing a drop in the number of holders, there’s a significant increase in active addresses on the network.
Over the last week, there has been a noticeable drop in the number of individuals holding Dogecoin [DOGE], which might be indicative of some discontentment regarding the current market trends.
Surprisingly, the value of Dogecoin appears to be gaining traction, signaling the start of an upward trend.
Sharp decline in Dogecoin holders
According to data from Santiment, the number of Dogecoin holders has dropped noticeably recently.
A large number (over 106,000) of addresses that were holding onto something (not zero) experienced a substantial decrease in ownership, suggesting they sold off their holdings.
Currently, the number of holders stands at approximately 6.63 million, having dropped from its previous figure of about 6.73 million on October 9th.
As a crypto investor, I’ve noticed that despite the recent dip, Dogecoin continues to lead as the dominant memecoin in terms of market cap. At the moment of writing, it stands tall at approximately $17.3 billion, as reported by CoinMarketCap.
It seems like some traders might be moving their attention away from DOGE, as the decrease in the number of holders suggests, despite the fact that DOGE has been showing positive price trends lately.
Dogecoin begins a bullish trend
Lately, the fluctuations in Dogecoin’s price suggest it’s escaping its period of horizontal trading. Interestingly, this breakout seems to be happening at the same time as a significant drop in the number of coin holders.
After the recent drop in price, Dogecoin (DOGE) has experienced a rise of about 14%. Moreover, the market trend for this cryptocurrency has shifted from bearish to bullish.
Currently, Dogecoin is being exchanged near $0.11, showing a modest uptick over the day. A closer examination of AMBCrypto’s price graph indicates that the decline in owners started when Dogecoin was roughly priced at $0.10.
On the 11th of October, I witnessed a significant milestone as Dogecoin experienced a 4% surge in value, setting the stage for its ongoing bullish movement. An additional 4% boost on the 14th of October served to fortify this upward trend.
According to AMBCrypto’s analysis, Dogecoin’s Relative Strength Index (RSI) was approximately 61, indicating the commencement of a bullish trend.
As an analyst, I’m noticing a strengthening buying pressure suggested by the Relative Strength Index (RSI). If this upward trend persists, it might propel the price further upwards.
Spike in active DOGE addresses
Beyond the rising prices, an intriguing pattern also appears in the blockchain data: there’s been a significant spike in the number of actively used Dogecoin accounts.
Although the total wallet owners have dropped, the usage of unique addresses has surged. As per the 7-day active address graph, around 176,000 addresses were actively used on the 10th of October.
Realistic or not, here’s DOGE market cap in BTC’s terms
By October 12th, the number had climbed above 290,000, and at present, it has gone beyond 294,000.
The increase in active Dogecoin addresses indicates that even with fewer total owners, a larger number of these accounts are now participating in the network’s activity.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2024-10-16 20:08