Dogecoin has reached a new high in a notable metric like interest in meme currency continues to rise. This time, the cryptocurrency’s holder base reached a new all-time high, signaling rapid adoption among crypto investors.
Dogecoin holders exceed 6.9 million
The month of March arrived with good news for Dogecoin. Not only has the meme coin’s price increased tremendously this month, but its holder base has also seen huge growth. This month, the total DOGE the base of holders surpassed 6.9 million for the first time, setting a new record. However, the meme coin is nowhere near finished as the number continues to increase.
According to data On the Coincarp website, the number of Dogecoin holders on the mainnet reached 6,932,763 on March 28. Given the growth rate in the number of holders over the last month, the number could exceed 7 million before the end of March.
This new record is proof of the adoption that DOGE witnessed in recent months. Despite competitors such as BONADO, PEPEIt is WIF Coming out of the woodwork, just as its fiercest rival, Shiba Inu, continues to struggle, Dogecoin has dominated as the top meme coin.
To put this growth into perspective, DOGE’s holder base began the year 2024 with around 6.06 million holders. Three months later, there are more than 6.9 million, which means that the base of holders has grown by more than 14% in this period.
DOGE Outlook Remains Bullish
In addition to the rapid increase in Dogecoin holders, there has been a A notable increase in other metrics such as daily transaction counts, whale transactions, and age consumed. These point to an increase in bullish sentiment among investors who expect the price to continue rising.
Consumption age is particularly important here as it shows that more investors are opting to keep your DOGE tokens for the long term. This significantly reduced selling pressure on the meme coin, allowing it to rally at a time when most of the crypto market remains suppressed.
Another metric that showed a significant increase is the daily transaction volume which increased by almost 50% in the last day. This increase shows more interest in trading Dogecoin and its price rising on the last day, suggests that most of this volume is directed towards buying rather than selling.
O DOGE Price is currently reflecting this increase in interest, as its price has risen almost 10% in the last day. However, bears continue to hold resistance around $0.2, forcing the meme coin lower again.
DOGE price at $0.2 | Source: DOGEUSDT on Tradingview.com
Featured image from Capital.com, chart from Tradingview.com
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