Dogecoin holders just surpassed 5 million addresses this week, a huge milestone for the meme cryptocurrency. According to data from on-chain analytics platform IntoTheBlock, Dogecoin addresses have grown steadily since the start of the year. At the same time, so is DOGE up 43% from the low in October of $0.056.
However, this growth is still small compared to other popular cryptocurrencies, as DOGE has yet to reach $0.1 this year. This big growth in addresses could be the catalyst Dogecoin needs to reach its next price target, which is to $0.1.
New milestone for Dogecoin
The Dogecoin community is one of the most active in the crypto industry, and the meme token currently ranks 8th in terms of market capitalization. According to IntoTheBlock’s Total Addresses metric, the total number of addresses with a balance exceeded 5 million this week, reaching a high of 5.11 million on November 27. At the time of writing, this statistic still stands at over 5 million with 5.1 million addresses.
Source: IntoTheBlock
The wave of new Dogecoin addresses is largely due to the growing interest and adoption of the cryptocurrency. In terms of price action, DOGE is up 9.00% in a seven-day span as most cryptocurrencies start making gains again after a few weeks of consolidation.
At the same time it is from IntoTheBlock large transaction statistics which measures transactions with a value greater than $100,000, has increased to a total of $2.08 billion in the past seven days.
Balance between addresses
Despite the increase in the number of addresses with a balance, the ownership distribution shows that most of the tokens are concentrated in a few addresses. About 4.48 million addresses, representing 95.5% of the total number of addresses, represent only 1.59% of the total circulating supply. On the other hand, only 700 addresses account for 81% of the total supply.
Source: IntoTheBlock
There has also been an increase in the number of daily transactions, with a 102.09% increase in the number of new addresses and an 89.70% increase in the number of active addresses. Notably, as of November 27, there were 221,330 active DOGE addresses. According to IntoTheBlockthis is probably caused by Dogecoin Doginals.
DOGE’s rise to $0.1 this year seems bleak at the moment, as the crypto will need to rise another 25% from its current price in December. DOGE is currently trading around previous resistance at the $0.081 level and support has formed just around the $0.071 level.
A continued influx into addresses could see DOGE rise above resistance, and continues its price increase. The next hurdle would be to get above $0.087 before hitting $0.1 for the first time this year.
DOGE price falls below $0.08 | Source: DOGEUSD on Tradingview.com
Featured image from Binance Academy, chart from Tradingview.com
