Dogecoin Addresses Reach 5 Million Milestone
This week, the number of Dogecoin addresses surpassed 5 million, marking a significant achievement for the meme cryptocurrency. Data from IntoTheBlock reveals that Dogecoin addresses have been steadily increasing throughout the year. Additionally, DOGE has experienced a 43% increase since hitting its low point in October.
Slow Growth Compared to Other Cryptocurrencies
While the growth in addresses is impressive, it still lags behind other popular cryptocurrencies. Dogecoin has yet to reach $0.1 this year. However, the surge in addresses could potentially serve as a catalyst for DOGE to achieve its next price target and reach $0.1.
New Milestone For Dogecoin
The Dogecoin community is highly active in the crypto industry, and the meme token currently holds the 8th spot in terms of market capitalization. According to IntoTheBlock’s Total Addresses metric, the total number of addresses with a balance exceeded 5 million on November 27th, reaching a high of 5.11 million. As of now, this number remains above 5 million at 5.1 million addresses.
The increase in Dogecoin addresses can be attributed to growing interest and adoption of the cryptocurrency. In terms of price action, DOGE has risen by 9% over a 7-day period, following a few weeks of consolidation that have seen most cryptocurrencies turning profitable again.
Furthermore, IntoTheBlock’s large transaction metric, which measures transactions valued at over $100,000, has been on the rise and totaled $2.08 billion over the past seven days.
Balance Among Addresses
Despite the rise in addresses with a balance, the distribution of holdings reveals that a majority of the tokens are concentrated in a small number of addresses. Approximately 4.48 million addresses, accounting for 95.5% of the total, hold only 1.59% of the circulating supply. On the other hand, 700 addresses possess 81% of the total supply.
In addition, there has been a significant increase in daily transactions, with a 102.09% rise in new addresses and an 89.70% increase in active addresses. Notably, there were 221,330 active DOGE addresses on November 27th, likely driven by Dogecoin Doginals.
Despite its current position, reaching $0.1 this year may be challenging for DOGE as it would require a further 25% increase from its current price in December. Currently trading around the $0.081 level, DOGE has formed support near $0.071.
Hot Take: Dogecoin’s Potential to Surpass $0.1
If the influx of new addresses continues, DOGE could break above its resistance level and continue its upward trajectory. Breaking above $0.087 would be the next hurdle before achieving $0.1 for the first time this year.
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