Dogecoin (DOGE) Hits Five Million Wallet Mark in Remarkable Feat

Dog-themed cryptocurrency Dogecoin (DOGE) has reached an incredible milestone: there are now over five million Dogecoin addresses with a balance.

According to IntoTheBlock, this milestone coincides with a tremendous increase in Dogecoin user activity. Notably, there were 168,000 active addresses in the last day, the highest level of involvement since March 2022.

While the total number of addresses with a balance does not exactly correspond to the number of holders, it provides a useful approximation of the number of people who own the cryptocurrency.

Amazing Milestone for @dogecoin !There are now more than 5 million Dogecoin addresses with a balance! pic.twitter.com/e0tseuetgd

— IntoTheBlock (@intotheblock) November 27, 2023

In the long run, the total number of addresses with a balance reflects interest in holding a specific crypto asset. In this light, a rise in the number of addresses with a balance is generally considered positive because it indicates a more robust and growing user base.

On shorter time frames, the total number of addresses with a balance can indicate trader positioning and may be a leading signal of price activity.

The overall number of Dogecoin addresses, which refers to all addresses that have ever been generated at any point and have held Dogecoin, including those that still do, is substantially higher, presently standing at 80.01 million.

71% of Dogecoin addresses are hodlers

IntoTheBlock analyzes addresses based on the amount of time they have owned a particular asset — in this context, Dogecoin. These addresses are grouped into three categories: hodlers, cruisers and traders.

Hodlers are addresses that have owned an asset for more than a year and are long-term investors. Cruisers are midterm or swing traders with holding periods ranging from one to twelve months. Traders are short-term speculators who have owned an asset for less than one month.

In this regard, 71% of Dogecoin holders are hodlers, while 22% and 7% are cruisers and traders, respectively.

At the time of writing, Dogecoin had risen 0.55% in the last 24 hours to $0.078.