Dogecoin & Cardano Witness Wallet Growth in 2024
In a recent post by on-chain analytics firm Santiment, it was revealed that the number of wallets holding various cryptocurrencies has been increasing over the past year. The key indicator used to track this growth is the “total amount of holders,” which counts the number of wallets with a non-zero balance on the blockchain.
An increase in this metric suggests that investors are either opening new addresses or reinvesting in the asset. This trend indicates adoption and buying activity in the market. Conversely, a decrease in the indicator may signal holders emptying out their addresses and exiting the cryptocurrency.
Wallet Growth for Top Cryptocurrencies
Santiment’s chart shows the trend in wallet growth for Bitcoin, Ethereum, Dogecoin, XRP, Cardano, and Chainlink. All these cryptocurrencies have experienced some level of adoption, with an increase in the total number of investors over the past year.
Bitcoin saw a 32% rise in addresses, while Ethereum had a 52% increase, surpassing Bitcoin’s count. Cardano also outperformed Bitcoin with a 38% increase in holders. XRP and Dogecoin still have higher total numbers compared to Cardano but saw lesser growth at 26% and 22%, respectively.
While address growth has slowed down for XRP and Bitcoin recently, Dogecoin, Cardano, and Ethereum continue to experience adoption in 2024.
DOGE Price Performance
Despite increased adoption, Dogecoin’s price has not performed as expected. Since the start of the year, its price has decreased by over 12%, currently trading at around $0.0789.
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