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Dogecoin Holder Base Reaches New Record Amid Surge In Interest

Dogecoin has soared toward a new record in one notable metric as interest in the meme coin continues to surge. This time around, the holder base of the cryptocurrency has reached a new all-time high, signaling rapid adoption among crypto investors.

Dogecoin Holders Cross 6.9 Million

The month of March has come with glad tidings for Dogecoin. Not only has the meme coin’s price risen tremendously this month, its holder base has also seen a lot of growth. This month, the total DOGE holder base crossed 6.9 million for the very first time, setting a new record. However, the meme coin is not anywhere near done as the number continues to rise.

According to data from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the last month, the number could cross 7 million before the month of March is over.

This new record is a testament to the adoption that DOGE has witnessed over the last few months. Despite competitors such as BONK, PEPE, and WIF springing out of the woodwork, as well as its fiercest rival, Shiba Inu, continuing to put up a fight, Dogecoin has dominated as the leading meme coin.

To put this growth in perspective, the DOGE holder base started out the year 2024 with around 6.06 million holders. Three months later, it is more than 6.9 million, meaning that the holder base grew more than 14% during this time.

DOGE Outlook Continues To Be Bullish

In addition to the rapid rise in Dogecoin holders, there has been a notable uptick in other metrics, such as daily transaction counts, whale transactions, and age consumed. These point to a rise in bullish sentiment among investors who expect the price to keep going up.

The age consumed is particularly important here since it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed.

Another metric that has shown a significant increase is the daily transaction volume which is up almost 50% in the last day. This uptick shows more interest in trading Dogecoin and with its price surging in the last day, it suggests that the majority of this volume is skewed toward buying rather than selling.

The DOGE price is currently reflecting this surge in interest as its price is up almost 10% in the last day. However, the bears continue to maintain resistance around $0.2, forcing the meme coin back downward.

Dogecoin price chart from Tradingview.com

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DOGE Bull Mark Cuban Talks Crypto, NFTs, And More In Community AMA

On January 29, Mark Cuban, the businessman and television personality, took to the X platform (formerly known as Twitter) to have a conversation with his audience and the crypto community online.

What Projects Does Mark Cuban Invest in?

The Ask Me Anything (AMA) session asked about Cuban’s thoughts on various crypto-related topics. Notably, his replies to the community suggested the importance of a project’s utility for the Shark Tank investor.

When asked about his thoughts on crypto, Cuban stated “I hate the speculation but love when there is utility,” similarly replying to a different question about on-chain finance “needs new ideas with more utility.” Additionally, he explained that Bitcoin’s Layer 2 solution aimed at scaling “doesn’t matter at all,” and emphasized his belief that “It’s applications with unique utility that matter.”

Cuban believes blockchain technology is here to stay but identifies two issues. The first concerns the existence of “too many blockchains,” and the second is the lack of an application that makes the technology “indispensable” for all generations.

For these reasons, the businessman thinks blockchain technology’s future is in the air but reaffirms that “it will always have a place.” However, he doesn’t consider blockchain security one of the biggest problems.

During the AMA session, the Shark Tank investor listed Polygon (MATIC), and Injective (INJ) as two projects he’s interested in outside the flagship cryptocurrency and the largest altcoin. When asked about his concerns on the project and growth of injective, Cuban said he didn’t have any, but he hopes “they do well” as he is an investor.

The Doge community took part in the questions, and Cuban admitted that he enjoys being part of the community. He also confirmed that The Dallas Mavericks continue to accept DOGE as a payment method.

What Emerging Technology Will Thrive in The Next Decade?

Regarding non-fungible tokens (NFTs), the investor explained “They are a collectible in most cases but can be used for other things,” and suggested that people should buy them to collect and not to speculate. Similarly, he expresses the challenges of selling these assets as he hasn’t found “a compelling aspect yet.”

Similarly, Cuban indicated that he is “not a fan” of tokenizing assets, such as sports teams and real estate, as he doesn’t think it “adds enough value.”

Cuban shared his views on the future of emerging technologies, affirming that he only sees Artificial Intelligence (AI) significantly impacting entrepreneurship in the next decade. Saying, “There will be two types of companies in the USA. Those who are great at AI and everyone else.”

Lastly, he was constantly asked about his thoughts on X owner and Tesla founder Elon Musk. He addressed their relationship by simply replying: “I don’t not get along with him. I don’t know him. He likes to talk shit on here and so do I.”

DOGE, DOGEUSDT

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Bearish Year Leaves Dogecoin Trading Below $0.10, Who Remains In Profit?

Dogecoin has found itself unable to rally the way it did in the first half of 2021, thus resulting in it losing most of the value generated during that time. Nevertheless, it remains mostly profitable for the majority of its investors. The meme coin which has since lost its footing above 10 cents still remains the largest meme coin and a top 10 cryptocurrency by market cap, and this translates to the profitability of the digital asset.

Majority Holders In Profit

Even with the digital asset having declined more than 88% since its all-time high, the majority of those who are invested in this cryptocurrency remain surprisingly in profit. This is shown by data from IntoTheBlock which revealed that 52% of all Dogecoin investors are currently in the green. Out of the almost 4 million DOGE holders, 2.05 million addresses remain firmly in the green.

However, just because the majority are in the money does not mean that the number of investors incurring losses is in any way low. The total DOGE addresses in the red are 1.77 million, which make up 45.32% of the entire holder base. Only 87.73K addresses are at the money, or neutral, meaning that the current price of the digital asset coincides with the price at which they purchased their holdings. These wallets make up only 2.25% of the entire holder base.

Related Reading | Cardano TVL Jumps 30% In 24 Hours As It Recovers To $155 Million

There is also the correlation between when a holder purchased their tokens and whether they are currently in profit or loss. For those who had been holding coins before the Elon Musk hype began, they remain firmly in profit. Others who had gotten in a bit later after the hype had begun remain in profit. The majority of those in loss are those who had FOMO’d into the digital asset. 

Dogecoin On The Charts

The movement of Dogecoin over the last couple of months has pointed to long-lasting bear trends. Although like the rest of the crypto market, the meme coin follows the movement of Bitcoin, its recovery has never been as prominent compared to the rest and as such has suffered more in times of market declines.

Related Reading | Institutional Investors Turn To Competitors As Ethereum Tumbles

It is still trading well below its 100-day moving average which puts it directly in the hold of bears. Even with declining prices, sell-offs continue to wax stronger, making it impossible for the digital asset to form any significant support. Even hype from ‘Dogefather’ Elon Musk has failed to break the meme coin out of its low momentum streak.

Dogecoin is trading at $0.08 at the time of this writing. It remains the largest meme coin by market cap and the 10th largest cryptocurrency in the world with a market cap of $10.67 billion.

Featured image from The Crypto Basic, chart from TradingView.com

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