{"id":33399,"date":"2023-11-29T15:52:54","date_gmt":"2023-11-29T19:52:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33399"},"modified":"2023-11-29T15:52:54","modified_gmt":"2023-11-29T19:52:54","slug":"dogecoin-holders-cross-5-million-catalyst-for-price-to-reach-0-1","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/29\/dogecoin-holders-cross-5-million-catalyst-for-price-to-reach-0-1\/","title":{"rendered":"Dogecoin Holders Cross 5 Million, Catalyst For Price To Reach $0.1?"},"content":{"rendered":"

Dogecoin holders just surpassed 5 million addresses this week, a huge milestone for the meme cryptocurrency. According to data from on-chain analytics platform IntoTheBlock, Dogecoin addresses have been growing steadily since the beginning of the year. At the same time, DOGE is up by 43% from its October bottom<\/a> of $0.056.\u00a0<\/p>\n

However, this growth is still small when compared to other popular cryptocurrencies<\/a>, as DOGE is still yet to reach $0.1 this year. This major growth in addresses could be the catalyst needed for Dogecoin to reach its next price target to push it to $0.1.<\/p>\n

New Milestone For Dogecoin<\/h2>\n

The Dogecoin community is one of the most active<\/a> in the crypto industry, and the meme token is currently in the 8th spot in terms of market cap. According to IntoTheBlock\u2019s Total Addresses metric, the total number of addresses with a balance crossed over 5 million this week to reach a high of 5.11 million on November 27th. At the time of writing, this metric still stands at over 5 million with 5.1 million addresses.<\/p>\n\n

The surge of new Dogecoin addresses is largely due to growing growing interest and adoption of the cryptocurrency. On the price action end of things, DOGE has increased by 9.00% in a 7-day timeframe as most cryptocurrencies start to turn a profit again after a few weeks of consolidation.\u00a0<\/p>\n

At the same time, IntoTheBlock\u2019s large transaction metric<\/a> which measures transactions with a value larger than $100,000 has been increasing, reaching a total of $2.08 billion in the past seven days.<\/p>\n

Balance Among Addresses<\/h2>\n

Despite the rise in addresses with a balance, the holding distribution shows that most of the tokens are concentrated in a few addresses. Around 4.48 million addresses representing 95.5% of the total addresses hold just 1.59% of the total circulating supply. On the other hand, just 700 addresses hold 81% of the total supply.\u00a0<\/p>\n\n

There\u2019s also been a surge in the number of daily transactions, with a 102.09% increase in the number of new addresses and an 89.70% increase in the number of active addresses. Notably, there were 221,330 active DOGE addresses on November 27th. According to IntoTheBlock<\/a>, this is most likely driven by Dogecoin Doginals<\/a>.<\/p>\n

DOGE\u2019s ascent to $0.1 this year seems bleak at the moment, as the crypto will have to go on another 25% increase from its current price in December. DOGE is currently trading around a prior resistance at the $0.081 level and has formed support<\/a> just around the $0.071 level.\u00a0\u00a0<\/p>\n

A continued inflow into addresses could see DOGE break above the resistance, and continue its price surge<\/a>. The next hurdle would be to break above $0.087 before getting to $0.1 for the first time this year.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Dogecoin holders just surpassed 5 million addresses this week, a huge milestone for the meme cryptocurrency. According to data from on-chain analytics platform IntoTheBlock, Dogecoin addresses have been growing steadily since the beginning of the year. At the same time, DOGE is up by 43% from its October bottom<\/a> of $0.056.\u00a0<\/p>\n

However, this growth is still small when compared to other popular cryptocurrencies<\/a>, as DOGE is still yet to reach $0.1 this year. This major growth in addresses could be the catalyst needed for Dogecoin to reach its next price target to push it to $0.1.<\/p>\n

New Milestone For Dogecoin<\/h2>\n

The Dogecoin community is one of the most active<\/a> in the crypto industry, and the meme token is currently in the 8th spot in terms of market cap. According to IntoTheBlock\u2019s Total Addresses metric, the total number of addresses with a balance crossed over 5 million this week to reach a high of 5.11 million on November 27th. At the time of writing, this metric still stands at over 5 million with 5.1 million addresses.<\/p>\n

The surge of new Dogecoin addresses is largely due to growing growing interest and adoption of the cryptocurrency. On the price action end of things, DOGE has increased by 9.00% in a 7-day timeframe as most cryptocurrencies start to turn a profit again after a few weeks of consolidation.\u00a0<\/p>\n

At the same time, IntoTheBlock\u2019s large transaction metric<\/a> which measures transactions with a value larger than $100,000 has been increasing, reaching a total of $2.08 billion in the past seven days.<\/p>\n

Balance Among Addresses<\/h2>\n

Despite the rise in addresses with a balance, the holding distribution shows that most of the tokens are concentrated in a few addresses. Around 4.48 million addresses representing 95.5% of the total addresses hold just 1.59% of the total circulating supply. On the other hand, just 700 addresses hold 81% of the total supply.\u00a0<\/p>\n

There\u2019s also been a surge in the number of daily transactions, with a 102.09% increase in the number of new addresses and an 89.70% increase in the number of active addresses. Notably, there were 221,330 active DOGE addresses on November 27th. According to IntoTheBlock<\/a>, this is most likely driven by Dogecoin Doginals<\/a>.<\/p>\n

DOGE\u2019s ascent to $0.1 this year seems bleak at the moment, as the crypto will have to go on another 25% increase from its current price in December. DOGE is currently trading around a prior resistance at the $0.081 level and has formed support<\/a> just around the $0.071 level.\u00a0\u00a0<\/p>\n

A continued inflow into addresses could see DOGE break above the resistance, and continue its price surge<\/a>. The next hurdle would be to break above $0.087 before getting to $0.1 for the first time this year.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33399","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33399"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33399\/revisions"}],"predecessor-version":[{"id":33415,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33399\/revisions\/33415"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33399"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}