Cryptocurrency Dogecoin (DOGE) is edging closer to a significant milestone of 8 million holders. This quiet growth signifies sustained investor interest and adoption, even as the broader crypto market attempts a rally late in the week. According to on-chain analytics firm Santiment, DOGE currently boasts approximately 7.97 million holders, solidifying its position among the most widely adopted cryptocurrencies.
The impressive holder count for Dogecoin highlights the growing appeal of the asset. While Ethereum and Bitcoin lead with over 148 million and 55 million addresses respectively, Dogecoin stands out as a leading force in the cryptocurrency market.
Holder count is often seen as a reflection of network health and investor confidence. In the long term, it indicates how many people are holding crypto assets. This data could provide insights into short-term trading activity and potentially foreshadow price shifts.
Despite early market drops, Dogecoin has been showing signs of recovery with a 4.02% increase in the past 24 hours, reaching $0.187 on Saturday. Analysts are now eyeing $0.20 as an intermediate resistance level for DOGE, and the continued growth of its user base could drive further upward momentum if it breaks above this level.
While Dogecoin continues to fluctuate within a wide range between $0.14 and $0.26, analysts suggest that a surge beyond the $0.26 mark could propel Dogecoin towards $0.38, while a fall below $0.14 may lead to a drop to $0.10. The next significant price movement could occur when DOGE breaks through either the $0.14 level or the $0.26 level.
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