Number of Addresses Holding Dogecoin Surges Significantly: Report

• 1 The crypto addresses holding Dogecoin have crossed the milestone of 5 million: IntoTheBlock.
• 2 A growth of 1000% rise is seen in the confirmed transaction the past 10 days on DOGE blockchain. 
• 3 TradingView states that DOGE price showed a growth of 12.80% in a month. 

The adoption of the pioneer of the memecoin industry continues to grow even after two years of global pandemic, at a time in 2021 Dogecoin mirrored a severe decline in the adoption rate. 

According to IntoTheBlock, an on-chain analytics number of crypto addresses holding Dogecoin grew and crossed the milestone of 5 million for the first time since its evolution. 

Moreover, the active number of addresses doubled and reached around 168,000 which is one of the highest since March 2022. A significant growth in confirmed transactions on Dogecoin blockchain longway from June 2022, 1000% rise in the confirmed transaction is seen in the past 10 days.

According to the data majority of Dogecoin are held by 5,000 addresses and are claimed to be the real controller of Doge price. The market capitalization of DOGE strengthened 14% and is almost $11 billion highest this month. 

Doge became popular after a post of Elon Musk on his newly owned platform Twitter now known as ‘X’.

With two major developments today, Coin98, a decentralized finance (DeFi) platform, took major steps towards creating a more welcoming environment for cryptocurrency users.

Users of Coin98, as well as holders of DOGE and XRP, may now conveniently explore the special features and advantages of both networks within the Super Wallet thanks to the integration of XRP Ledger and Dogecoin. 

Dogecoin, which uses proof-of-work technology to improve user friendliness and transaction speeds, adds to Coin98’s multichain capabilities.

Dogecoin Price Analysis 

When writing, Dogecoin was trading at $0.07783 with a trading volume of 543.973 Million; TradingView states that DOGE price showed a growth of 12.80% in a month and over 17% in the past one quarter.  

At press time, Dogecoin was trading above 20, 50, 100 and 200 day exponential moving averages. The trading volume chart indicates that since the past few days, bulls were ruling  and trying to hold the prices as high as they can. 

Overall trading volume of DOGE is primarily on Binance, Coinbase and Kraken. The cryptocurrency is accepted by Tesla, AMC Theaters, GameStop, Twitch and few others as the means of payment. 

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.