Dogecoin (DOGE) Network As the number of addresses containing the meme coin decreases, a period of stability has been entered. This is in stark contrast to February and January, when the network showed A Significant expansion.
Dogecoin just added 60,000 new addresses in March
data from Market intelligence platform Santiment The total number of DOGE holders has only increased by 60,000 since the beginning of this month. At the start of the month, 6.51 million users were holding Meme Coin, a number that has only grown to 6.57 million since then.
This is in contrast to February when the total number of DOGE holders increased from 5.92 million to 6.51 million. Specifically, at this time last month, the network had already seen an increase of 450,000 in the total number of addresses with DOGE. Meanwhile, NewsBTC Reported 400,000 new addresses were added in the two weeks between January and February.
Dogecoin also set a new record in January alone 247,240 new DOGE addresses Created on January 29. Crypto analyst Ali Martinez Noted the continued upward trend in network expansion “may soon reflect positively” on DOGE’s price. This underlines how important the number of addresses with meme coins is.
Some in the crypto community may also find the stability of Dogecoin’s holder activity surprising, given that meme coin frenzy which has taken the crypto space by storm. However, a plausible explanation is that meme coin traders don’t necessarily invest in major meme tokens but focus on lower value gems.
How other top meme coins are good
Data from Santiment also shows that two other meme coins, Shiba Inu (SHIB) and Pepe (PEPE)Those that make up the top three biggest meme coins by market cap haven’t fared well. Shiba Inu While its number of holders has not seen an increase since the beginning of the month, the total number of users with Meme Coin is still 1.38 million.
on the other hand, PEPE There are still less than 200,000 holders despite a year-to-date (YTD) growth of over 370%. Place these figures DOGE strides forward Regarding the number of users of SHIB and PEPE they are all. As there is renewed interest in network functionality like Dogecoin, its user base is expected to grow once again. Doginals.
At the time of writing, DOGE is trading at around $0.12, down nearly 14% in the last 24 hours. data From CoinMarketCap.
DOGE price at $0.12 | Source: DOGEUSDT on Tradingview.com
Featured image of Vietnam Insider, charts on Tradingview.com
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