Dogecoin (a meme coin) has received new holders within its ecosystem in just three months. CoinMarketCap reports that the number of holders for Doge has increased about 2% over its July 24th total.
While the coin has enjoyed increased investors, it hasn’t reflected in its price movement. It seems most investors are dormant whales banking on future bullish news, such as Twitter’s acquisition or other blockchain upgrades.
Dogecoin Investors Take a Huge Spike in the Numbers
Dogecoin’s growth has been phenomenal in recent years. CoinMarketCap reports that what started out as a Twitter meme has grown to be a top 10 crypto currency. Despite being a popular cryptocurrency, it fell with the rest of crypto market during the crash.
Dogecoin’s all-time high is still more than 90%. The number of holders has increased by a good deal in the three previous months. Dogecoin’s total holder count as of October 23 was 4,456,459, up from 4,365,551 on July 24 (a 2% increase). CoinMarketCap stats show that Dogecoin’s tenth-ranked cryptocurrency according to market capital has gained more than 889,900 holdings over three months.
The actions taken by its owners have not had an impact on the Dogecoin price. At the time of writing, it was at $0.059; down 16.1% over the last three months.
Why Doge is more popular
The disconnect between rising DOGE holders’ and cryptocurrency prices can be explained by many factors. One major reason is the widespread expectation that the meme coin’s value will improve soon. The whales’ continuing accumulation of DOGE and network activities to increase its utility indicate that DOGE will rally again.
Elon Musk (CEO of Tesla) has been making headlines recently due to his proposal to take over social media giant Twitter. This has been accompanied by a rise in holdings. It’s worth mentioning that Musk and the Dogecoin community have had a positive history together. This could affect DOGE’s market value.
Musk has backed DOGE and is collaborating with the cryptocurrency’s key developers to improve the token’s potential. His prior remarks on Dogecoin also caused the token’s price to skyrocket. If the transaction goes well, Dogecoin could be added to the payment options on this social network platform. This is a positive development for cryptocurrency.Source: DOGEUSD price chart via TradingView.com
Doge Community is Bullish about Its Price
CoinMarketCap’s cryptocurrency communityThe October average price of the dog meme token is $0.06748. This estimate was calculated using the ‘Price Estimate’ tool. Participants can use the tool to speculate about future values of different cryptocurrencies, based upon their votes. This forecast had 1,043 votes.
Dogecoin prices are expected to be $0.0716 on October 31, 2022. This is 19.71% higher than the current value of $0.05981 at the time it was written.
Featured image taken from Pixabay. Chart from TradingView.com