Bitrabo Editorial
Dogecoin recently experienced a surge of approximately 10% as analytics revealed that many holders are leaving the DOGE network.
Dogecoin Sees Nearly 12% Increase Over the Last Day
This week has been positive for the cryptocurrency market, with Dogecoin standing out among the major coins. The meme-inspired token has surpassed the $0.127 mark, achieving an increase of close to 12% in the past 24 hours.
In comparison, Bitcoin (BTC) has risen around 4% during the same period, while Shiba Inu (SHIB), a competitor to DOGE, has seen a gain of about 5%. For the week, Dogecoin outperforms most, trailing only behind Bitcoin Cash (BCH), which has also reported a 12% rise, while DOGE boasts a 14% increase.
The market capitalization of DOGE has reached $18.5 billion, as illustrated in the table below.
Now holding the 8th spot among cryptocurrencies, DOGE maintains a comfortable lead over Tron (TRX) at 9th but still trails behind XRP (XRP) at 7th, suggesting stability in its ranking for the foreseeable future. The recent surge in Dogecoin is intriguing, especially given the on-chain data showing a large number of holders opting to exit the memecoin.
Significant Drop in Total Holders of DOGE
Data from the analysis firm Santiment indicates a notable decrease in the total number of Dogecoin holders recently. The “Total Amount Of Holders” refers to the count of DOGE addresses that still have a balance, illustrating user engagement on the network.
Below is a chart from the analytics firm displaying this DOGE metric’s trend over the past months:
The graph reveals that Dogecoin’s total holders have significantly decreased lately, suggesting that many users have sold off their holdings.
Specifically, approximately 106,600 addresses have become inactive over the past week, reducing the total number of holders to 6.62 million, marking its lowest point since April. This trend could indicate that these investors were discouraged by the ongoing bearish market, leading them to seek more profitable opportunities. Interestingly, even as this exodus occurred, Dogecoin has demonstrated a stronger performance than other major cryptocurrencies.
The departure of weaker investors may lead to a more robust upward trend, as the assets released by them are likely being acquired by traders with stronger commitments, who may hold onto their profits longer.