Data on the chain shows that the Dogecoin user base has recently grown to nearly 8 million. This is a comparison of other major assets such as XRP and Bitcoin.
Dogecoin beats several top coins in total number of holders
In a post on X, chain analytics company Santiment shares how various top coins in the cryptocurrency industry compare to each other based on the total amount of holders.
The total number of holders here refers to the indicator as the name implies, which, as the name implies, carries some non-zero balances on a given network.
When the value of this measure goes up, it can have many basic reasons. New investors entering the network and older investors selling earlier will add metrics. This trend will naturally be facilitated by existing users creating fresh wallets to allocate their holdings or for privacy purposes.
Usually, all of these factors can work simultaneously whenever the total number of holders rises. So, along with this trend, some net income was made.
For any cryptocurrency, adoption is constructive, as a wider user base can provide a stronger foundation for future assets. But, usually, its positive impact can only be seen in the long run.
Now, here is a chart shared by the analytics firm that shows the trend of the total number of holders of eight top digital assets: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (Doge), Cardano (ADA), Chainlink (ADA), Chainlink (link (link), Tether (USDT), and USD COIN (USD COIN (USD COIN)).
Looks like the value of the metric has shot up for Dogecoin in recent weeks | Source: Santiment on X
As shown in the above chart, the total number of holders of all these assets has risen steadily recently, indicating that adoption has taken place in the top coin.
However, one asset stands out for its particularly dramatic growth: Dogecoin. From the chart, it is visible that Memecoin saw the indicator pass a steep climb last month, indicating that the user opened a large number of Doge wallets in a narrow window. That said, while it was a very sharp jump, the asset has been more or less platform since then.
The Dogecoin network now has 7.97 million holders. This makes cryptocurrency the third largest on the list, up from USDC’s 7.79 million and XRP’s 6.53 million.
However, since both Bitcoin and Ethereum are largely larger than that. ETH, especially ETH, has an impressive 148.38 million non-empty addresses, nearly three times more than BTC.
Door price
At the time of writing, Dogecoin’s transaction volume was around $0.185, down nearly 3% in the past week.
The trend in the DOGE price over the past five days | Source: DOGEUSDT on TradingView
Featured images from dall-e, santiment.net, charts from tradingview.com
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