Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy
March 19 2024 - 11:00AM
NEWSBTC
The Dogecoin (DOGE) network has entered a period of stagnancy, as
the number of addresses holding the meme coin has slowed. This is a
stark contrast to February and January, when the network
experienced a significant expansion. Dogecoin Has Added Only
60,000 New Addresses In March Data from the market intelligence
platform Santiment shows that the total number of DOGE holders has
increased by only 60,000 since the beginning of this month. At the
start of the month, 6.51 million users were holding the meme coin,
with this figure only increasing to 6.57 million since then.
Related Reading: Bitcoin Whales Enter Full Accumulation Mode:
Here’s How Much BTC They Pulled From Exchanges This is unlike
February when the total number of DOGE holders rose from 5.92
million to 6.51 million. Specifically, around this same time last
month, the network had already seen an increase of 450,000 in the
total number of addresses holding DOGE. Meanwhile, NewsBTC reported
that over 400,000 new addresses were added in two weeks between
January and February. Dogecoin also set a new record in
January alone when 247,240 new DOGE addresses were created on
January 29. Crypto analyst Ali Martinez noted that a sustained
uptrend in the network’s expansion “could soon reflect positively”
on DOGE’s price. That underscores how significant the number of
addresses holding the meme coin is. The stagnancy in
Dogecoin’s holder activity might also come as a surprise to some in
the crypto community, considering the meme coin frenzy that has
taken the crypto space by storm. However, a plausible explanation
is that meme coin traders aren’t necessarily invested in the
prominent meme tokens but have their eyes on the undervalued
gems. How Other Top Meme Coins Have Fared Data from Santiment
also shows that the other two meme coins, Shiba Inu (SHIB) and Pepe
(PEPE), which make up the top three largest meme coins by market
cap, haven’t fared better. Shiba Inu hasn’t seen its holder count
increase since the beginning of the month, with the total number of
users holding the meme coin still at 1.38 million. Related
Reading: Is Ripple Behind The XRP Price Crash? Massive Selling
Spree Sparks Concern On the other hand, PEPE still has less than
200,000 holders despite boasting a year-to-date (YTD) gain of over
370%. These figures place DOGE firmly ahead of SHIB and PEPE in
terms of the number of users they all have. Dogecoin is expected to
see its user base pick up once again as soon as there is a renewed
interest in network functionalities like the Doginals. At the
time of writing, DOGE is trading at around $0.12, down almost 14%
in the last 24 hours, according to data from CoinMarketCap.
DOGE price at $0.12 | Source: DOGEUSDT on Tradingview.com Featured
image from Vietnam Insider, chart from Tradingview.com
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