Dogecoin

Million

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 <p>The surge in adoption of Dogecoin (DOGE), the well-known humorous cryptocurrency, persists, marked by the number of crypto addresses holding DOGE exceeding 5 million for the first time. This growth, witnessed two years post the initiation of the COVID-19 pandemic, suggests an enduring interest in less serious digital assets. Nevertheless, despite a substantial increase in active addresses and confirmed transactions within the DOGE network, concerns linger regarding the concentration of ownership within the DOGE ecosystem.</p>
 <h4 class="wp-block-heading" id="h-elevated-metrics-and-ongoing-concerns">Elevated Metrics and Ongoing Concerns</h4>
 <p>Data provided by on-chain analytics firm IntoTheBlock indicates a significant rise in DOGE adoption, with the number of addresses holding the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> surpassing 5 million. The count of active addresses has more than doubled, reaching 168,000, the highest since March 2022. Additionally, confirmed transactions on the <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> blockchain have surged, registering a remarkable 1,000% increase in the past 10 days, reaching levels not observed since June.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="973" height="434" src="https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp" alt class="wp-image-120237" srcset="https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp 973w, https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp 300w, https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp 768w, https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp 380w, https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp 550w, https://cdn.thebittimes.com/images/2023/11/29/891e179f03126298ce161ebe1b4df57a.webp 800w" sizes="(max-width: 973px) 100vw, 973px">
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 <p>Despite the positive indicators for DOGE’s recovery, the issue of ownership concentration remains a prominent concern. BitInfoCharts underscores that fewer than 5,000 addresses control over 80% of DOGE’s supply, highlighting the risk associated with a relatively small group wielding substantial influence over the cryptocurrency’s price.</p>
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 <p>Despite concerns over concentration, DOGE’s market capitalization has surged by 14%, reaching nearly $11 billion this month. This positive trend in market value is frequently linked to heightened adoption and usage of a cryptocurrency. Notably, Dogecoin’s resilience is evident, with more than half of all DOGE investors currently holding profitable positions, as per IntoTheBlock.</p>
 <p><strong>Also Read: Old <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a>, New Tricks: Surge in Movement and Whale Activity</strong></p>
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 <h4 class="wp-block-heading" id="h-profitable-dogecoin-investors">Profitable Dogecoin Investors</h4>
 <p>The data indicates that 57% of every DOGE wallet address is presently “In The Money,” signifying that these investors purchased DOGE at a price lower than the current $0.078342 per coin. Noteworthy is the fact that 73% of all <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a> investors have maintained their positions for over a year, showcasing a significant presence of long-term holders. In contrast, 27% of investors have held for less than a year, with 4% having positions for less than one month.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="948" height="348" src="https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp" alt class="wp-image-120238" srcset="https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp 948w, https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp 300w, https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp 768w, https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp 380w, https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp 550w, https://cdn.thebittimes.com/images/2023/11/29/a3a164c65238ce0840add7e44ec2dada.webp 800w" sizes="(max-width: 948px) 100vw, 948px">
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 <p>The recent milestones in Dogecoin’s adoption, evidenced by the increase in addresses and transactions, imply sustained interest in the cryptocurrency. However, the challenge of ownership concentration and the necessity for a corresponding surge in trading volume underscore potential obstacles to the continued growth of DOGE.</p>
 <p><strong>Also Read: <a rel="noopener noreferrer nofollow" title="Dogecoin" href="https://thebittimes.com/tag/dogecoin.html">Dogecoin</a>: December 2023 Price Prediction for DOGE</strong></p>
 <p>As market observers closely monitor these dynamics, Dogecoin’s role as a store of value for a substantial portion of its investor base becomes apparent, emphasizing the intricate interplay between market metrics and investor behavior in the realm of cryptocurrency.</p>
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<div class="cs-entry__tags">
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  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>Dogecoin</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/dogecoin-surpasses-5-million-addresses-amid-profitable-streak-tbt71971.html">https://thebittimes.com/dogecoin-surpasses-5-million-addresses-amid-profitable-streak-tbt71971.html</a></p>

Dogecoin Surpasses 5 Million Addresses Amid Profitable Streak

TheBitTimes

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