“The dog-themed cryptocurrency, Dogecoin (DOGE), has achieved a remarkable milestone:
there are now over five million Dogecoin addresses with a balance. This achievement coincides with a massive increase in Dogecoin user activity. Notably, there were 168,000 active addresses in the last day, the highest level of engagement since March 2022.
Over the long term, the total number of addresses with a balance reflects interest in holding a specific crypto asset. In that regard, an increase in the number of addresses with a balance is generally seen as a positive sign, indicating a stronger and growing user base.
On shorter timeframes, the total number of addresses with a balance can indicate the state of circulation and may serve as a leading indicator of price activity.
The total number of Dogecoin addresses, which includes all addresses ever created that held Dogecoin, including those that are still active, is significantly higher, currently standing at 80.01 million.
Of these addresses, 71% are classified as hodlers, meaning they have held the asset for over a year and are long-term investors. Swing traders, or those with holding periods ranging from a month to twelve months, make up 22%, while short-term traders, who hold the asset for less than a month, account for 7%.
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At the time of writing this report, Dogecoin has risen by 0.55% in the past 24 hours to reach $0.078.”
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
