Dogecoin (DOGE) News Today | Dogecoin Holder Count Soars, But Price Struggles
The number of Dogecoin (DOGE) holders has been steadily increasing in 2023 but the price of DOGE has been unable to stay above a key support $0.07 mark due to the recent sell-off in the cryptocurrency market.
According to data from Blockchair, there are currently over 5 million DOGE addresses, with a total of 5,049,227 holders. This represents an increase of over 2 million holders since the beginning of the year.
The number of transactions on the Dogecoin network is also nearing 135 million, which is a sign that people are still using DOGE to buy and sell goods and services.
Despite the increasing number of holders and transactions, the price of DOGE has been struggling. The coin is currently trading at around $0.06, which is down from its all-time high of $0.74 in May 2021.
The recent bearish market sentiment has been a major factor in the decline of DOGE’s price. However, some analysts believe that the price of DOGE could rebound in the future if the overall cryptocurrency market recovers.
Here are some of the factors that could contribute to a rebound in the price of DOGE:
- Increased adoption by businesses and merchants: If more businesses and merchants start accepting DOGE as payment, this could lead to an increase in demand for the coin, which could drive up the price.
- New partnerships and developments: If DOGE partners with other companies or projects, or if there are major developments in the Dogecoin ecosystem, this could also lead to an increase in demand for the coin.
- Overall improvement in the cryptocurrency market: If the overall cryptocurrency market improves, this could also lead to a rebound in the price of DOGE.
Overall, the future of DOGE is uncertain. However, the increasing number of holders and transactions is a positive sign. If the price of DOGE can rebound in the future, it could be a good investment for those who are looking for a long-term hold.