The surge in adoption of Dogecoin (DOGE), the well-known humorous cryptocurrency, persists, marked by the number of crypto addresses holding DOGE exceeding 5 million for the first time. This growth, witnessed two years post the initiation of the COVID-19 pandemic, suggests an enduring interest in less serious digital assets. Nevertheless, despite a substantial increase in active addresses and confirmed transactions within the DOGE network, concerns linger regarding the concentration of ownership within the DOGE ecosystem.
Elevated Metrics and Ongoing Concerns
높아진 지표와 지속적인 우려
Data provided by on-chain analytics firm IntoTheBlock indicates a significant rise in DOGE adoption, with the number of addresses holding the cryptocurrency surpassing 5 million. The count of active addresses has more than doubled, reaching 168,000, the highest since March 2022. Additionally, confirmed transactions on the Dogecoin blockchain have surged, registering a remarkable 1,000% increase in the past 10 days, reaching levels not observed since June.
Despite the positive indicators for DOGE’s recovery, the issue of ownership concentration remains a prominent concern. BitInfoCharts underscores that fewer than 5,000 addresses control over 80% of DOGE’s supply, highlighting the risk associated with a relatively small group wielding substantial influence over the cryptocurrency’s price.
DOGE의 회복에 대한 긍정적인 지표에도 불구하고 소유권 집중 문제는 여전히 두드러진 우려 사항입니다. BitInfoCharts는 5,000개 미만의 주소가 DOGE 공급량의 80% 이상을 제어한다는 점을 강조하며, 암호화폐 가격에 상당한 영향력을 행사하는 상대적으로 작은 그룹과 관련된 위험을 강조합니다.
Despite concerns over concentration, DOGE’s market capitalization has surged by 14%, reaching nearly $11 billion this month. This positive trend in market value is frequently linked to heightened adoption and usage of a cryptocurrency. Notably, Dogecoin’s resilience is evident, with more than half of all DOGE investors currently holding profitable positions, as per IntoTheBlock.
Also Read: Old Dogecoin, New Tricks: Surge in Movement and Whale Activity
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Profitable Dogecoin Investors
The data indicates that 57% of every DOGE wallet address is presently “In The Money,” signifying that these investors purchased DOGE at a price lower than the current $0.078342 per coin. Noteworthy is the fact that 73% of all Dogecoin investors have maintained their positions for over a year, showcasing a significant presence of long-term holders. In contrast, 27% of investors have held for less than a year, with 4% having positions for less than one month.
데이터는 모든 DOGE 지갑 주소의 57%가 현재 "In The Money"임을 나타냅니다. 이는 이 투자자들이 현재 코인당 $0.078342보다 낮은 가격으로 DOGE를 구입했음을 의미합니다. 주목할 만한 점은 전체 도지코인 투자자 중 73%가 1년 이상 포지션을 유지해 장기 보유자의 존재감을 보여준다는 점이다. 이와 대조적으로 투자자의 27%는 1년 미만 보유했으며, 4%는 1개월 미만 보유했습니다.
The recent milestones in Dogecoin’s adoption, evidenced by the increase in addresses and transactions, imply sustained interest in the cryptocurrency. However, the challenge of ownership concentration and the necessity for a corresponding surge in trading volume underscore potential obstacles to the continued growth of DOGE.
Also Read: Dogecoin: December 2023 Price Prediction for DOGE
As market observers closely monitor these dynamics, Dogecoin’s role as a store of value for a substantial portion of its investor base becomes apparent, emphasizing the intricate interplay between market metrics and investor behavior in the realm of cryptocurrency.
시장 관찰자들이 이러한 역학 관계를 면밀히 모니터링함에 따라 투자자 기반의 상당 부분에 대한 가치 저장소로서 Dogecoin의 역할이 분명해지며 암호화폐 영역에서 시장 지표와 투자자 행동 간의 복잡한 상호 작용을 강조합니다.
Source: https://thebittimes.com/dogecoin-surpasses-5-million-addresses-amid-profitable-streak-tbt71971.html
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