Dogecoin Growth Hits Roadblock As Holder Activity Enters Dreaded Period Of Stagnancy

The Dogecoin (DOGE) network has entered a interval of stagnancy, because the variety of addresses holding the meme coin has slowed. It is a stark distinction to February and January, when the community skilled a significant expansion. 

Dogecoin Has Added Solely 60,000 New Addresses In March

Data from the market intelligence platform Santiment exhibits that the overall variety of DOGE holders has elevated by solely 60,000 for the reason that starting of this month. Firstly of the month, 6.51 million customers have been holding the meme coin, with this determine solely rising to six.57 million since then.

That is not like February when the overall variety of DOGE holders rose from 5.92 million to six.51 million. Particularly, round this identical time final month, the community had already seen a rise of 450,000 within the complete variety of addresses holding DOGE. In the meantime, NewsBTC reported that over 400,000 new addresses have been added in two weeks between January and February. 

Dogecoin additionally set a brand new document in January alone when 247,240 new DOGE addresses have been created on January 29. Crypto analyst Ali Martinez famous {that a} sustained uptrend within the community’s enlargement “may quickly mirror positively” on DOGE’s value. That underscores how important the variety of addresses holding the meme coin is. 

The stagnancy in Dogecoin’s holder exercise may additionally come as a shock to some within the crypto group, contemplating the meme coin frenzy that has taken the crypto area by storm. Nevertheless, a believable rationalization is that meme coin merchants aren’t essentially invested within the outstanding meme tokens however have their eyes on the undervalued gems. 

How Different Prime Meme Cash Have Fared

Knowledge from Santiment additionally exhibits that the opposite two meme cash, Shiba Inu (SHIB) and Pepe (PEPE), which make up the highest three largest meme cash by market cap, haven’t fared higher. Shiba Inu hasn’t seen its holder rely enhance for the reason that starting of the month, with the overall variety of customers holding the meme coin nonetheless at 1.38 million. 

However, PEPE nonetheless has lower than 200,000 holders regardless of boasting a year-to-date (YTD) achieve of over 370%. These figures place DOGE firmly ahead of SHIB and PEPE by way of the variety of customers all of them have. Dogecoin is predicted to see its person base choose up as soon as once more as quickly as there’s a renewed curiosity in community functionalities just like the Doginals. 

On the time of writing, DOGE is buying and selling at round $0.12, down nearly 14% within the final 24 hours, in keeping with data from CoinMarketCap. 

DOGE value at $0.12 | Supply: DOGEUSDT on Tradingview.com

Featured picture from Vietnam Insider, chart from Tradingview.com

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