Dogecoin (DOGE), the meme-inspired cryptocurrency, has seen a significant rise in adoption, according to recent data from Santiment, an analytics firm.
The report highlights Dogecoin’s growing user base compared to other established altcoins like XRP and Shiba Inu.
Santiment’s “Total Amount of Holders” metric tracks the number of addresses on the Dogecoin network holding a non-zero balance. This metric can increase for several reasons, including new investors entering the market, previously inactive holders returning, or existing users creating new addresses to manage their holdings privately.
A rise in total holders is generally seen as a bullish sign, indicating potential long-term growth for the coin’s price. Conversely, a decline suggests investors are selling their holdings, which can be bearish.
Looking at the data, Litecoin (LTC) currently holds the top spot with around 8.08 million holders. However, Dogecoin comes in a strong second with a staggering 6.69 million holders, reflecting significant adoption over the past year. This is in stark contrast to competitors like XRP (5.24 million holders) and Shiba Inu, whose holder counts haven’t seen significant growth.
While Litecoin experienced a temporary dip in total holders, the metric is currently on the rise again, suggesting renewed adoption. However, Dogecoin’s consistent growth paints a particularly bullish picture.
A wider user base provides a stronger foundation for future price movements. From this perspective, Dogecoin’s impressive holder count is a positive indicator of its long-term prospects.
While Dogecoin recently surpassed the $0.14 mark, it has since retreated to trade around $0.13. However, the coin’s growing adoption suggests a potential for future price increases as its user base continues to expand.
