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<p class="is-style-lead">The number of dogecoin (<a href="https://crypto.news/price/dogecoin/">DOGE</a>) holders has constantly been rising since the start of 2023, but the price couldn’t hold to the crucial $0.07 mark with the recent bearish market sentiment.</p>



<p>Data provided by Blockchair shows that the number of DOGE addresses has <a href="https://blockchair.com/dogecoin" target="_blank" rel="noopener">surpassed</a> the 5 million mark, currently at 5,049,227 holders. The number of transactions on the Dogecoin network is also closing the gap to the 135 million mark.</p>



<p>Moreover, according to Blockchair, there have been 22.61 transactions on the Dogecoin network per second, on average, in the past 24 hours — a total of over 1.9 million trades.&nbsp;</p>



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<p>While this data suggests a notable rise to the network, DOGE’s price has been downward since the US Securities and Exchange Commission (SEC) took legal action against <a href="https://crypto.news/sec-accuses-binance-ceo-of-diverting-billions-in-customer-funds/">Binance</a> and <a href="https://crypto.news/brian-armstrong-ceo-of-coinbase-talks-about-sec-compliance/">Coinbase</a>.</p>



<p>Dogecoin is down by almost 1% in the past 24 hours and trading at $0.067 at the time of writing. The memecoin’s 24-hour trading volume has also dropped by 45% and currently sits at roughly $261 million.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="1138" height="606" src="https://crypto.news/app/uploads/2023/06/DOGE-price-June-8.png" alt="Dogecoin’s price falls despite a growing number of holders - 1" class="wp-image-14167110"><figcaption class="wp-element-caption">DOGE price &#8211; June 8 | Source: Trading View</figcaption></figure>



<p>Despite the price downturn, DOGE is still the eighth-largest crypto asset, with a total market cap of over $9.4 billion at the time of writing.</p>



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<iframe loading="lazy" title="How The Dogecoin Millionaire LOST $3 MILLION" width="1020" height="574" src="https://www.youtube.com/embed/xbU6mVkokZE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>According to <a href="https://coinmarketcap.com/charts/" target="_blank" rel="noopener">data</a> provided by CoinMarketCap (CMC), the price slump comes as the global crypto market cap fell by around $35 billion over the past 24 hours — from $1.135 trillion to $1.1 trillion.</p>



<p>On May 31, dogecoin investors <a href="https://crypto.news/dogecoin-investors-strike-elon-musk-with-market-manipulation-lawsuit/">accused</a> the billionaire CEO of Twitter, Elon Musk, of manipulating the asset’s price. The DOGE holders added that Musk tried to profit while smaller investors were at a loss.</p>



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Dogecoin’s price falls despite a growing number of holders

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