Despite the recent downturn in the cryptocurrency market, Dogecoin continues to witness a remarkable surge in new addresses and active users, signaling enduring interest in the meme-inspired cryptocurrency.
However, Dogecoin faces challenges in breaking through its current resistance level, which is situated between $0.085 and $0.078, amid short-term uncertainties.
Since reaching its peak on December 9th, Dogecoin’s value has declined by 23%. Nevertheless, the number of wallets holding Dogecoin has seen unprecedented growth. In just two weeks since January 22nd, 413.8K new wallets, mostly containing 0.001-1 $DOGE, have been added—a record 7.2% increase, according to Santimentfeeds.
🐶 #Dogecoin's value is -23% since its top on Dec. 9th. But the #memecoin's wallets with >0 $DOGE coins has been growing at the fastest rate in the network's decade long history. 413.8K new wallets, mostly holding 0.001-1 $DOGE, have been added in 2 weeks. https://t.co/GjDghuB9H9 pic.twitter.com/l6Pv0KvkKW
— Santiment (@santimentfeed) February 6, 2024
Dogecoin Soars Ahead Of Other Notable Memecoins
Despite its price consolidation, Dogecoin has outperformed other meme cryptocurrencies in terms of profitable holders. Dogecoin boasts a 46.94% profitability rate for its holders, surpassing SHIB (27.11%), PEPE (24.81%), and FLOKI (16.11%).
Furthermore, Dogecoin’s holdings significantly outnumber those of other meme coins, with 5,853,959 holders compared to 1,291,903 for SHIB, 152,195 for PEPE, and 73,038 for FLOKI.
Looking for a quick way to compare memecoins? We've added a key metrics table to our Memecoin dashboard.
Check it out here: 🔗https://t.co/n29ohjsRRM pic.twitter.com/45Q1MIMaD8— IntoTheBlock (@intotheblock) February 5, 2024
The resilience of Dogecoin’s community and its growing adoption among new users illustrate its enduring appeal despite market fluctuations.
As the cryptocurrency landscape evolves, Dogecoin’s ability to maintain momentum amidst challenges underscores its unique position within the digital asset ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.