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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Dogecoin Gains 100K Holders In Just Three Months, Report

Kent Tenix
Kent Tenix
2 years ago
3 mins read
Dogecoin

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Popular meme coin, Dogecoin, has welcomed new holders into its ecosystem within the past three months. As per data from CoinMarketCap, the number of Doge holders has increased by about 2% from its July 24th number.

While the coin has enjoyed increased investors, it hasn’t reflected in its price movement. It seems most investors are dormant whales banking on future bullish news, such as Twitter’s acquisition or other blockchain upgrades. 

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Dogecoin Investors Spike: The Numbers

Dogecoin has enjoyed massive growth in the past. What started as a meme on Twitter grew to become a top 10 cryptocurrency, according to CoinMarketCap. Despite its huge popularity, it joined the rest of the market to nosedive during the recent crypto crash. 

Dogecoin is still over 90% below its all-time high. However, it has seen a decent increase in the number of holders in the past three months. Dogecoin’s total holder count as of October 23 was 4,456,459, up from 4,365,551 on July 24 (a 2% increase). CoinMarketCap statistics show that the tenth-ranked cryptocurrency by market cap gained over 889,900 holdings in three months.

However, the price of Dogecoin has not responded to the actions of its holders. As of this writing, the asset was trading for $0.059, down 16.1% in the past three months.

Why More People Are Holding Doge

There are several reasons that explain the disconnect between the rise in the number of DOGE holders and the price of cryptocurrency. One major reason is the widespread expectation that the meme coin’s value will improve soon. The whales’ continuing accumulation of DOGE and network activities to increase its utility indicate that DOGE will rally again.

Elon Musk, CEO of Tesla, has also been in the news recently for his proposed takeover of social media giant Twitter. This news has coincided with a surge in holdings. It’s worth mentioning that Musk and the Dogecoin community have had a positive history together. Therefore, the prospect of this purchase going through might affect the value of DOGE.

Musk has backed DOGE and is collaborating with the cryptocurrency’s key developers to improve the token’s potential. His prior remarks on Dogecoin also caused the token’s price to skyrocket. On the other hand, if the transaction is successful, there is a potential that Dogecoin may be included as a payment option on the social networking platform. This would be a bullish development for cryptocurrency. 

DOGEUSD_
DOGE’s price currently hovers around $0.06. | Source: DOGEUSD price chart from TradingView.com

Doge Community Is Bullish About Its Price

CoinMarketCap’s cryptocurrency community anticipates the dog meme token will average $0.06748 this October. This estimate was calculated using the ‘Price Estimate’ tool. The tool lets participants speculate on the future value of various cryptocurrencies based on their votes. The total number of votes in this forecast was 1,043.

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The anticipated Dogecoin price on October 31, 2022, is $0.0716. It is +19.71% more than its current $0.05981 value at the time of writing.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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