Santiment’s last to the report According to reports, the popular meme coin Dogecoin is experiencing an increase in the number of wallets with non-zero values despite the decline in its price. In the past two weeks, 414,000 new wallets were added to the Dogecoin network. This marks the fastest growth in Dogecoin’s ten-year history and represents a remarkable increase.
Many of these new wallets hold small amounts of DOGE, usually ranging from 0.001 to 1 token. This shows that Dogecoin’s community is expanding.
Digging into the details, although Dogecoin has lost 23% of its value since its peak on December 9th, it has experienced a remarkable 7.2% increase in non-zero wallets since January 22nd.
It is not yet clear exactly what the reasons are behind this increase. However, the fact that Dogecoin still has a large community and strong supporter base suggests that this increase may have a long-term impact. According to analysis, the meme coin price has remained relatively stable over the past two weeks, indicating a possible accumulation phase among investors. Investors expecting activity in the cryptocurrency markets are closely monitoring the future performance of Dogecoin.
Famous cryptocurrency analyst Ali Martinez emphasized that Bollinger Bands are tightening on Dogecoin’s price chart. This often signals an impending price movement in an asset. For this reason, it is thought that Dogecoin may enter a dynamic period in the short term.
As Dogecoin’s fundamentals show resilience amid price volatility, many in the meme coin community are eagerly awaiting the next big move in its price trajectory. As the number of Dogecoin holders continues to grow at an unprecedented pace, something important is likely to happen in the Dogecoin ecosystem.
You can follow the current price movement here.
