Bitrabo Editorial
Santiment, an analytics firm, has released data showing the holder counts of popular altcoins such as Dogecoin and XRP to compare their adoption rates.
Dogecoin’s Holder Count Surges to 6.69 Million
In a recent update on X, Santiment shared insights on the Total Amount of Holders for various altcoins in the cryptocurrency market. This metric tracks the number of addresses on a network holding some token balance.
An increase in this metric can signify new investors, returning holders, or users creating multiple addresses for privacy reasons, indicating growing adoption, which is typically positive for a coin’s price.
A decline may indicate investors cleaning out wallets, which could be a negative signal for the crypto’s performance.
A comparison chart displays the Total Amount of Holders for Dogecoin (DOGE), XRP (XRP), Cardano (ADA), Shiba Inu (SHIB), Litecoin (LTC), and Chainlink (LINK) over the past year.
According to the data, Litecoin leads with around 8.08 million holders, followed by Dogecoin at 6.69 million and XRP at 5.24 million.
DOGE has shown significant growth in adoption, whereas Cardano, Shiba Inu, and Chainlink have remained stagnant, with Litecoin experiencing a temporary decrease but rebounding, signaling ongoing adoption.
Increased adoption indicates a strong foundation for future growth, making Dogecoin appear bullish in this aspect.
DOGE Price Movement
After reaching over $0.14, Dogecoin’s price has retraced to around $0.13.