- Dogecoin (DOGE) has recently crossed the significant milestone of 90 million total addresses, showcasing its growing adoption and popularity.
- This impressive figure includes both addresses that currently hold DOGE and those that have held it in the past.
- Interestingly, the data reveals that while 90.34 million addresses have been created, only 6.5 million currently hold a balance, highlighting certain nuances in crypto ownership dynamics.
Dogecoin achieves a new milestone with 90 million total addresses, signaling growing interest. Explore the implications and market trends.
Dogecoin Surpasses 90 Million Total Addresses
According to recent data from IntoTheBlock, Dogecoin (DOGE) has surpassed the 90 million mark in total addresses. This encompasses all addresses that have ever held Dogecoin at any point in time, including those that continue to do so. The current total stands at an impressive 90.34 million.
Distinction Between Total Addresses and Addresses With Balance
It is important to distinguish between the total addresses and those that have a balance. Total addresses refer to all created addresses, even if they currently hold no DOGE. Conversely, addresses with a balance, currently around 6.5 million, reflect active holders of Dogecoin. This includes scenarios where a single user may operate multiple addresses for enhanced security, or where centralized exchanges manage funds across various accounts.
Surge in Addresses With Balance: A Positive Sign
Since the beginning of 2024, there has been a steady increase in the number of addresses holding a balance. This trend suggests a growing interest and confidence in Dogecoin as a viable investment. The expanding number of active holders is a healthy indicator of a more robust and comprehensive user base.
Current Price Action and Market Trends
Dogecoin has seen relatively stable price action in the past week, with a 0.52% increase over the last 24 hours, bringing its price to $0.124. Over the past seven days, DOGE is up 1.11%. On June 18, Dogecoin fell below the critical daily SMA 200 support level at $0.128 and has since been trading within a range.
Future Market Projections for Dogecoin
The immediate outlook for Dogecoin hinges on its ability to breach the daily SMA 200 mark at $0.128. A successful push above this level could signify the start of a stronger bullish run, potentially reaching the daily SMA 50 at $0.15. Conversely, failing to surpass this barrier may result in continued range-bound trading between $0.12 and $0.18.
If Dogecoin prices decline significantly below $0.12, it could signal a bearish market trend, potentially driving the price down to $0.10. At this point, the bulls might step in to prevent further declines and stabilize the market.
Conclusion
The recent surge in total addresses to over 90 million underscores Dogecoin’s growing popularity and acceptance within the crypto community. The widening gap between total addresses and those with balances highlights significant nuances in crypto asset management and security practices. As Dogecoin continues to evolve, market participants will closely watch its price movements and broader adoption trends, navigating the intricacies of this dynamic asset.
