Dogecoin’s Growing Number of Addresses with Balances
An infographic shared by market intelligence platform IntoTheBlock reveals the number of addresses carrying a balance for various layer 1 cryptocurrency networks. These blockchains host secondary networks and applications on top of them, providing processing and security for the entire layered network. Ethereum currently has the highest number of addresses with a balance, followed by Bitcoin. Litecoin, Avalanche, Dogecoin, and Cardano have smaller numbers of holders compared to the top two cryptocurrencies, but their counts are similar to each other. Over the past month, all the listed coins have seen an increase in the number of addresses with balances, except for ADA. Dogecoin has experienced significant growth in its addresses, indicating increased attention and potential long-term adoption.
LTC Network Activity Increases
The number of transactions on the Litecoin network has been steadily increasing over the past month. Recently, the blockchain processed a record-breaking 1.27 million transactions in a single day. While Dogecoin may have seen stronger demand in terms of fresh adoption, Litecoin remains popular in terms of transaction usage.
Large DOGE Withdrawal from Binance
A Dogecoin whale withdrew over $91 million worth of DOGE from Binance today, according to Whale Alert. Large withdrawals from exchanges can indicate buying activity and may have a bullish effect on price.
DOGE Price Stagnates
Currently, Dogecoin’s price is trading around $0.092 and has been experiencing sideways movement recently.
Hot Take: Dogecoin Gains Attention with Growing Number of Addresses
With its fast-growing number of addresses carrying a balance, Dogecoin has been attracting attention in the cryptocurrency space. This adoption could have positive implications for the meme-based coin in the long run. Meanwhile, Litecoin continues to be popular in terms of transaction usage, as evidenced by its increasing network activity. As Dogecoin and Litecoin make waves, it will be interesting to see how their prices and adoption progress in the future.
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