Dogecoin Soars To 90 Million Addresses: Is Now The Time To Invest?

Dogecoin (DOGE), the meme-inspired cryptocurrency, has surpassed a significant milestone: over 90 million total addresses have been created on the Dogecoin network. This data point, according to IntoTheBlock, signifies all addresses that have ever held DOGE, including those currently holding and those that once did.

The current total address count sits at 90.34 million, highlighting the vast number of individuals who have interacted with Dogecoin at some point. It’s important to distinguish between total addresses and “total addresses with a balance” (holders). The latter figure, currently at 6.5 million, represents addresses that actively hold DOGE.

The difference between these two figures can be attributed to several factors. Some users might hold DOGE across multiple addresses for security purposes. Additionally, centralized exchanges often store user funds at a single address, inflating the total address count.

While 83.84 million addresses currently hold zero DOGE, it’s worth noting that the number of addresses with a balance has been steadily increasing throughout 2024. This trend suggests a growing interest in holding and potentially investing in Dogecoin, with a potentially expanding user base.

Looking at recent price action, Dogecoin experienced a modest rise of 0.52% over the past 24 hours, reaching $0.124. It has also seen a weekly increase of 1.11%. However, Dogecoin currently trades below a key technical indicator, the daily SMA 200 (simple moving average), which sits at $0.128. This consolidation phase indicates a period of indecision between buyers and sellers.

For a strong comeback, Dogecoin bulls will need to push the price above the daily SMA 200. A successful break could lead to a test of the daily SMA 50 at $0.15, potentially allowing DOGE to escape its current trading range. Conversely, a failure to break above the resistance level could prolong the range-bound trading between $0.12 and $0.18.

Should the price fall significantly below $0.12, it might signal a bearish trend, potentially leading to a drop towards $0.10, where bulls would attempt to regain control.