Dogecoin (DOGE) has managed to stand out in the current market after reaching the milestone of 5.3 million addresses with a balance. According to data from the market intelligence platform IntoTheBlock, there has been significant growth in the number of holders in the last 30 days across six major layer 1 cryptocurrency networks.
Ethereum leads the ranking with the highest number of addresses with a balance, currently standing at 103 million. Bitcoin follows with approximately half that number, recording 51 million addresses. Litecoin, Avalanche, Dogecoin, and Cardano follow in subsequent positions on the list, with Dogecoin ranking fifth with 5.29 million holders.
Curious how top L1 networks stack up in terms of the number of addresses? Check out our latest infographic👇 pic.twitter.com/39wrVACM6z
— IntoTheBlock (@intotheblock) December 26, 2023
It’s interesting to note that all mentioned cryptocurrencies, except for Cardano, experienced a considerable increase in the number of addresses with a balance in the last month. This phenomenon can be interpreted as an indicator of growing interest and adoption, with Dogecoin being one of the notable beneficiaries of this trend.
Litecoin, on the other hand, positions itself as the largest network, excluding Bitcoin and Ethereum, with around 7.7 million addresses with a balance. Additionally, it has experienced a significant surge in transaction activity, reaching a record of 1.27 million transactions in a single day.
Following a Whale’s Move, Dogecoin Could Enter a Bullish Phase
While Dogecoin has demonstrated strong demand in terms of recent adoption, Litecoin remains a popular network in terms of transactional usage. This dynamism is reflected in the recent bullish trend in Litecoin’s transaction activity.
On the other hand, a significant Dogecoin holder withdrew over $91 million worth of DOGE from the Binance platform, according to Whale Alert data. This massive withdrawal could be interpreted as a buying signal, and due to its magnitude, it could have a bullish effect on the cryptocurrency’s price.
Despite these developments, the price of Dogecoin has recently maintained a sideways trend, hovering around $0.092. This price stagnation has not prevented the cryptocurrency from attracting the attention of investors and holders, as evidenced by the growing numbers of addresses with a balance. According to CoinMarketCap, in the last 24 hours, DOGE lost only 0.5% of its value. Its market capitalization is $13.16 billion, and its trading volume experienced an increase of over 8%, totaling just over $525 million.
