This week marks a significant achievement for Dogecoin as its number of addresses exceeded 5 million, a substantial milestone for the meme-inspired cryptocurrency. Data from IntoTheBlock, an on-chain analytics platform, indicates a consistent growth in Dogecoin addresses since the start of the year. Simultaneously, DOGE has experienced a 43% increase from its October low of $0.056.
Meanwhile, the count of active addresses in the network has surged, surpassing 168,000, marking the highest figure since March 2022. Additionally, the number of confirmed transactions on the Dogecoin blockchain has soared to its peak since June, witnessing a remarkable 1,000% increase in the past 10 days.
71% of Dogecoin Holders are Actually Hodlers
IntoTheBlock examines addresses based on the duration of ownership for a specific asset, particularly Dogecoin, in this context. These addresses are classified into three groups: hodlers, cruisers, and traders. Hodlers represent addresses that have possessed an asset for over a year, signifying long-term investors. Cruisers consist of midterm or swing traders with one to twelve months holding periods. Traders encompass short-term speculators who have owned an asset for less than one month. Notably, 71% of Dogecoin holders fall into the Hodler category, while 22% and 7% are cruisers and traders.
