Last month, Dogecoin experienced a significant surge in the amount of people holding the cryptocurrency. This increase made it the third-largest cryptocurrency by holders, behind only leading digital assets. The memecoin has since surpassed USD Coin (USDC) and XRP in holders. This growth represents a massive increase in its user base. This massive increase is a testament to the popularity of the previously internet meme turned cryptocurrency Dogecoin.
Dogecoin's Holder Growth Outpaces USDC and XRP
Dogecoin's total amount of holders surpassed 7.79 million, exceeding USDC's holder count. The digital asset even surpassed XRP, which today has 6.53 million holders. This swell is significant given the quick timeframe in which these Dogecoin wallets have been added.
The number of holders has been on the rise, and it’s a positive sign of how much adoption and interest Dogecoin is receiving lately. This is especially impressive considering the crypto’s memecoin nature, which usually leads to extreme volatility and speculative trading. The increasing amount of holders indicates a deeper, more longer-term commitment toward the cryptocurrency.
Understanding Total Amount of Holders
The total amount of holders is a metric that measures the number of unique addresses holding a non-zero balance of a particular cryptocurrency. It gives a big-picture view of what’s driving distribution and adoption of an asset. Not surprisingly, a higher number of holders is associated with increased decentralization and broader participation in the network.
Of the top eight digital assets, Dogecoin’s acceleration in new holders is most impressive. These eight include Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Tether (USDT), and USD Coin (USDC). The metric provides an insight into the adoption rate of the coin and the overall growth of its network.
Implications for Dogecoin's Future
This surge of Dogecoin holders has potential interesting consequences for Dogecoin’s future. A larger user base can bring about greater liquidity and trading volume, which can help stabilize the price of the cryptocurrency. Beyond that, increasing the distribution of Dogecoin would increase the resiliency and security of its network.
The increase in holders is a sign of the faith investors have in Dogecoin for the long haul. What was once a harmless, jokey internet meme has quickly morphed into a powerful influence on the cryptocurrency market. We think you’ll agree, its evolution is nothing short of amazing! Like all top cryptocurrencies, the coin has a strong and active community that tirelessly advocates for its support on different platforms and services.
