Dog-themed cryptocurrency Dogecoin (DOGE) is closing in on a major adoption milestone, that of 8 million holders. Dogecoin’s user base is quietly growing, indicating that investor interest and adoption remain strong.
According to on-chain analytics firm Santiment, Dogecoin boasts 7.97 million holders, reinforcing its status as one of the most widely adopted cryptocurrencies in the market.
Aside from Ethereum and Bitcoin, which each had 148.38 million and 55.39 million holders, Dogecoin led the way among major cryptocurrencies in terms of holder count.
Holder count is a key indicator of network health. In the long run, the total number of addresses having a balance reflects the interest in holding and investing in a specific crypto asset.
In shorter time frames, the total number of addresses having a balance might provide insight into trader positioning and perhaps be a leading indicator of price activity.
What to expect for Dogecoin price?
Following an early sell-off, the larger crypto market appears to be attempting a relief rally around the end of the workweek. Dogecoin was not exempt from the rebound, up 4.02% in the last 24 hours to $0.187. DOGE rebounded on Friday after a three-day drop, which hit lows of $0.168, and the recovery continued on Saturday.
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Analysts now see $0.20, which coincides with the daily SMA 50, as an intermediate resistance level for DOGE. If Dogecoin breaks above that level on high volume, the increasing holder count may enhance upward momentum.
Dogecoin continues to swing in a wide range between $0.14 and $0.26. The next trending move could start with a breach below $0.14 or over $0.26. If the $0.14 level falls, Dogecoin might plummet to $0.10. On the upside, a break above $0.26 may send Dogecoin to $0.38.