Dogecoin Holders Cross 5 Million, Catalyst For Price To Reach $0.1?
29 Novembro 2023 - 12:00PM
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Dogecoin holders just surpassed 5 million addresses this week, a
huge milestone for the meme cryptocurrency. According to data from
on-chain analytics platform IntoTheBlock, Dogecoin addresses have
been growing steadily since the beginning of the year. At the same
time, DOGE is up by 43% from its October bottom of $0.056.
However, this growth is still small when compared to other popular
cryptocurrencies, as DOGE is still yet to reach $0.1 this year.
This major growth in addresses could be the catalyst needed for
Dogecoin to reach its next price target to push it to $0.1. New
Milestone For Dogecoin The Dogecoin community is one of the most
active in the crypto industry, and the meme token is currently in
the 8th spot in terms of market cap. According to IntoTheBlock’s
Total Addresses metric, the total number of addresses with a
balance crossed over 5 million this week to reach a high of 5.11
million on November 27th. At the time of writing, this metric still
stands at over 5 million with 5.1 million addresses. Source:
IntoTheBlock The surge of new Dogecoin addresses is largely due to
growing growing interest and adoption of the cryptocurrency. On the
price action end of things, DOGE has increased by 9.00% in a 7-day
timeframe as most cryptocurrencies start to turn a profit again
after a few weeks of consolidation. At the same time,
IntoTheBlock’s large transaction metric which measures transactions
with a value larger than $100,000 has been increasing, reaching a
total of $2.08 billion in the past seven days. Balance Among
Addresses Despite the rise in addresses with a balance, the holding
distribution shows that most of the tokens are concentrated in a
few addresses. Around 4.48 million addresses representing 95.5% of
the total addresses hold just 1.59% of the total circulating
supply. On the other hand, just 700 addresses hold 81% of the total
supply. Source: IntoTheBlock There’s also been a surge in the
number of daily transactions, with a 102.09% increase in the number
of new addresses and an 89.70% increase in the number of active
addresses. Notably, there were 221,330 active DOGE addresses on
November 27th. According to IntoTheBlock, this is most likely
driven by Dogecoin Doginals. DOGE’s ascent to $0.1 this year seems
bleak at the moment, as the crypto will have to go on another 25%
increase from its current price in December. DOGE is currently
trading around a prior resistance at the $0.081 level and has
formed support just around the $0.071 level. A
continued inflow into addresses could see DOGE break above the
resistance, and continue its price surge. The next hurdle would be
to break above $0.087 before getting to $0.1 for the first time
this year. DOGE price falls below $0.08 | Source: DOGEUSD on
Tradingview.com Featured image from Binance Academy, chart from
Tradingview.com
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