The Dogecoin (DOGE) network has entered a period of stagnancy, because the variety of addresses holding the meme coin has slowed. It is a stark contrast to February and January, when the network experienced a significant expansion.
Dogecoin Has Added Only 60,000 Recent Addresses In March
Data from the market intelligence platform Santiment shows that the overall variety of DOGE holders has increased by only 60,000 because the starting of this month. Initially of the month, 6.51 million users were holding the meme coin, with this figure only increasing to six.57 million since then.
That is unlike February when the overall variety of DOGE holders rose from 5.92 million to six.51 million. Specifically, around this same time last month, the network had already seen a rise of 450,000 in the overall variety of addresses holding DOGE. Meanwhile, NewsBTC reported that over 400,000 recent addresses were added in two weeks between January and February.
Dogecoin also set a recent record in January alone when 247,240 recent DOGE addresses were created on January 29. Crypto analyst Ali Martinez noted that a sustained uptrend within the network’s expansion “could soon reflect positively” on DOGE’s price. That underscores how significant the variety of addresses holding the meme coin is.
The stagnancy in Dogecoin’s holder activity may additionally come as a surprise to some within the crypto community, considering the meme coin frenzy that has taken the crypto space by storm. Nonetheless, a plausible explanation is that meme coin traders aren’t necessarily invested within the distinguished meme tokens but have their eyes on the undervalued gems.
How Other Top Meme Coins Have Fared
Data from Santiment also shows that the opposite two meme coins, Shiba Inu (SHIB) and Pepe (PEPE), which make up the highest three largest meme coins by market cap, haven’t fared higher. Shiba Inu hasn’t seen its holder count increase because the starting of the month, with the overall variety of users holding the meme coin still at 1.38 million.
Then again, PEPE still has lower than 200,000 holders despite boasting a year-to-date (YTD) gain of over 370%. These figures place DOGE firmly ahead of SHIB and PEPE by way of the variety of users all of them have. Dogecoin is predicted to see its user base pick up once more as soon as there may be a renewed interest in network functionalities just like the Doginals.
On the time of writing, DOGE is trading at around $0.12, down almost 14% within the last 24 hours, in accordance with data from CoinMarketCap.
DOGE price at $0.12 | Source: DOGEUSDT on Tradingview.com
Featured image from Vietnam Insider, chart from Tradingview.com
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