Dogecoin has risen to a new all-time high in one notable metric, as interest in the meme coin continues to rise. This time, the number of holders of the cryptocurrency has reached a new all-time high, indicating rapid adoption among crypto investors.
Dogecoin holders cross the 6.9 million mark
The month of March has come with happy news for Dogecoin. Not only has the price of the meme coin soared this month, the number of holders has also seen a lot of growth. This month, the total number of DOGE holders surpassed 6.9 million for the first time ever, setting a new record. However, the meme coin is far from done as the numbers continue to rise.
According to facts from the Coincarp website, the number of Dogecoin holders on the mainnet has reached 6,932,763 as of March 28. Given the growth rate of the number of holders over the past month, the number could exceed 7 million before the month of March is over.
This new record is a testament to the adoption DOGE has witnessed in recent months. Despite competitors like BONK, PEPE, and WIF coming out of the woodwork, as well as its biggest rival, Shiba Inu, continuing to battle, Dogecoin has dominated as the leading meme coin.
To put this growth into perspective, the DOGE holder base started the year 2024 with approximately 6.06 million holders. Three months later this is more than 6.9 million, which means that the number of holders has grown by more than 14% during this period.
DOGE Outlook remains bullish
In addition to the rapid increase in the number of Dogecoin holders, there is one notable increase in other metrics such as number of daily transactions, whale transactions and age consumed. These indicate a rise in bullish sentiment among investors who expect the price to continue rising.
The consumed age is particularly important here as it shows that more investors are choosing to hold their DOGE tokens for the longer term. This has significantly reduced the selling pressure on the meme coin, allowing it to recover at a time when most of the crypto market remains suppressed.
Another metric that has seen a significant increase is daily transaction volume, which has increased by almost 50% in the past day. This uptick shows that there is more interest in trading Dogecoin and with the price rising over the past day, it suggests that most of this volume is more focused on buying than selling.
The DOGE price is currently reflecting this surge in interest, as the price is up almost 10% over the past day. However, the bears continue to offer resistance around $0.2, forcing the meme coin back down.
DOGE price at $0.2 | Source: DOGEUSDT on Tradingview.com
Featured image from Capital.com, chart from Tradingview.com
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