Dogecoin, the OG meme coin, has faced challenges in keeping pace with the broader crypto market. However, despite its recent price decline, the network has demonstrated significant growth in various metrics. This growth includes an impressive increase in the number of wallets holding Dogecoin, indicating potential positive outcomes for its price movements in the future.
While Dogecoin’s value has experienced a decline of 23% since its local peak, the number of wallets holding more than 0 DOGE has been rapidly increasing. According to on-chain intelligence platform Santiment, the network has witnessed the addition of nearly 414,000 new wallets, primarily containing 0.001-1 DOGE, in just the past two weeks. This growth rate is the fastest in the coin’s decade-long history. Notably, the network recently set a new milestone by creating 247,240 new DOGE addresses on January 29th.
In terms of performance, Dogecoin has surpassed several other meme cryptocurrencies. According to Intotheblock’s analysis of the number of holders in profit, Dogecoin leads with 46.94%, while SHIB stands at 27.11%, PEPE at 24.81%, and FLOKI at 16.11%. Additionally, DOGE boasts the highest number of holders compared to its meme counterparts. With 5,853,959 holders, it surpasses SHIB’s 1,291,903, PEPE’s 152,195, and FLOKI’s 73,038. However, Dogecoin lags behind in terms of the percentage of whales, with only 43.75% compared to SHIB’s 62.42%, PEPE’s 48.01%, and FLOKI’s 69.00%. The top two leaders in this aspect are Wojak (WOJAK) with 69.27% and Akita Inu (AKITA) with 68.01%.
In a notable development, SpaceX has agreed to accept Dogecoin as payment for rescheduling the highly anticipated DOGE-1 Mission to the Moon. Geometric Energy Corporation (GEC), the firm behind the mission, utilized DOGE to rebook after facing delays in the original schedule. While Dogecoin often experiences price surges with payment-related news involving Elon Musk’s ventures, this recent announcement did not have a significant impact. This lack of effect may suggest that the initial excitement around potential crypto adoption by these companies has diminished due to previous disappointments.
Amidst market trends, Dogecoin has emerged as a prominent player in the Indian market, particularly among individuals aged 26-35. Experts in the industry report that within this age group, DOGE has surpassed Bitcoin in terms of investment appeal. It is worth noting that this specific demographic makes up 40% of India’s overall population of 19 million cryptocurrency investors.
Despite Dogecoin’s struggles to match the overall crypto market trajectory, its network has experienced significant growth. The rapid increase in the number of wallets holding Dogecoin suggests potential positive outcomes for its price movements in the future. Additionally, Dogecoin’s performance has outshined other meme cryptocurrencies. The recent involvement of SpaceX with Dogecoin indicates the coin’s growing prominence in the market. Lastly, Dogecoin’s appeal among the Indian population, especially those aged 26-35, highlights its potential as an investment asset in various regions.
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