The number of people who plan to hold onto the popular meme cryptocurrency Dogecoin for the long haul has been growing gradually since the year 2023, according to the most recent data.
Despite a modest 4% gain over the past week, IntoTheBlock data shows that over 60% of Dogecoin holders are making a profit on their investments, while roughly 34% have lost money.
But, the most interesting discovery made by the analytics organization is the growing number of holders who are in it for the long haul and now possess tens of billions of DOGE.
Hoarding Dogecoin
These “hodlers,” who have kept the crypto asset for more than a year, reportedly have approximately 45 billion DOGE, worth more than $3.76 billion at the time of writing, in their wallets.
Based on price monitoring by crypto market tracking site CoinMarketCap, DOGE is trading at $0.0776, up a little over 5% in the last week. The coin has been up more than 3% in the bi-weekly timeframe, more than twice compared to its monthly turnout, data from Coingecko shows.
The DOGE rate has returned to the $0.07605 local support level, having risen somewhat today. If the closure occurs around that level, there may be enough momentum for a drop to the $0.075 area.
According to IntoTheBlock, the number of DOGE held by long-term holders is at its highest point since October 2021, when Dogecoin was trading at approximately the $0.30 mark.
The total number of DOGE wallets has reached an all-time high of 3.18 million, with investors comprising 74.66% of the total, it said.
Will DOGE Breach $1?
With a 7% increase to $0.082 on Sunday, many are wondering if the meme coin may finally cross the $1 barrier this week. From its weekly low of $0.071 on March 28 to its high of $0.085 on April 5, the coin increased by about 20%.
The recent price increase in DOGE has rekindled investor interest and prompted inquiries as to whether or not the cryptocurrency can achieve new benchmarks in the days ahead.
Investing groups make up approximately 75% of all Dogecoin wallets, according to statistics from IntoTheBlock, which shows that the number of DOGE hodlers has reached an all-time high of 3.18 million addresses.
Meanwhile, Dogecoin miners added roughly 360 million coins to their holdings in the previous month. The blockchain forensics platform disclosed that the total number of bitcoin held by miners rose from 4.4 billion on March 1 to 4.76 billion on March 30.
Dogecoin miners now have in their possession around $357 million at the current price of DOGE. That’s about 3.5% of the coin’s total cryptocurrency market cap.
-Featured image from Freepik
