In a stunning measure of triumph, Dogecoin, the cryptocurrency that started as an internet jest, is basking in the glow of a fresh milestone. As interest in the meme coin skyrockets, Dogecoin now celebrates a record-breaking adoption rate among crypto traders. Indeed, the cryptocurrency fan base has expanded exponentially, reaching unprecedented all-time highs.
March has been a month of bountiful blessings for Dogecoin. Along with a remarkable escalation in price, the holder base has dramatically swelled. This month heralded a pivotal moment as the total Dogecoin holder base crossed the 6.9 million mark for the first time, charting new territory. Still, the meme coin is not taking a breather, with the number soaring upwards with each passing day.
Data harvested from the Coincarp website right up until March 28 attest that the number of Dogecoin holders operating on the mainnet has hit 6,932,763. Given this exponential rate, it’s conceivable that the seven million mark could be surpassed before the month winds down.
This record-breaking achievement is a glowing testament to Dogecoin’s sweeping adoption over recent months. Despite the sprouting competition from the likes of BONK, PEPE, and WIF, and the relentless rivalry with Shiba Inu, Dogecoin has maintained its coveted spot as the reigning meme coin.
Contextualizing the growth, it is noteworthy that Dogecoin’s holder base rang in 2024 with around 6.06 million investors. Barely three months later, it flaunts an impressive 6.9 million holders, signifying that the holder base ballooned more than 14% during this period.
Simultaneously, the outlook for Dogecoin remains promisingly optimistic. Aside from the rapid rise in Dogecoin holders, other metrics, such as daily transaction counts, whale transactions, and age consumed, have shown an uptick, propelling bullish sentiment among investors.
Age consumed emerges as a critical metric as it signifies a surge in investors’ commitment to retain their Dogecoin tokens long-term, effectively lessening the selling pressure on the meme coin. This allows Dogecoin to rally even amidst the current suppression of the larger crypto market.
Another noteworthy development is the daily transaction volume’s approximately 50% upswing in the past day, indicating intensified trading in Dogecoin. Given the upsurge in the coin’s price within the last 24 hours, it’s safe to surmise that most of this volume tilts towards buying over selling.
The Dogecoin price reflects this surge in interest, with an almost 10% increase in the last day. However, resistance persists around the $0.2 mark, compelling the meme coin to adjust its trajectory downwards. All in all, it promises to be an exciting time for Dogecoin and its fast-growing community of enthusiastic investors.