Latest Dogecoin Milestone Suggests Recovery Trend May Just Be Starting


Dogecoin has touched yet another milestone that suggests that the digital asset is heading towards higher prices. Its holder count which had grown exponentially in the year 2021 had begun to fall following the crash from the all-time high. This persisted for some time but it seems that this metric is once again picking up as more investors move into the cryptocurrency.

With the adoption of dog-themed coins like Dogecoin and Shiba Inu on the rise, Doge may be getting ready for another breakout this time around. It has not recorded the highest growth this past weekend but with the current rate of adoption of the meme coin, it may only be a matter of time before the digital asset is reaching and surpassing the recovery trends of its strongest competitors.

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Dogecoin BSC Touch New High

The number of Dogecoin holders on the Binance Smart Chain has been growing rapidly in recent times. With the price of the meme coin crumbling towards one-year lows, investors have begun to look at this as an opportunity to stock up on the cryptocurrency. It was around this same point that the meme coin had taken off last year so investors do not want to be cut off guard when another rally happens.

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Earlier this month, the number of holders had reached 486,000 on BSC, marking a new high for the digital asset. Since then, the number of holders has continued to grow daily. With an average of 8,000 new Doge holders added daily, the number has quickly surged towards a new high. Currently, the number of holders on BSC has crossed 529,000, setting an all-new high for the asset.

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Whales have not been left out of this accumulation as they have continued to up their holdings in the same time period. The top BNB holders have collectively increased their Doge balances to more than $47 million, spelling bullish sentiment among both small and large investors.

According to data from CoinMarketCap, there are currently a total of 4,866,199 Dogecoin holders.

Where Is Doge Headed?

Despite being one of the fastest-growing in terms of user adoption, the meme coin has not recorded much growth in this time. Instead, it has posted gains but only to a small degree compared to holders. Top rival Shiba Inu had rallied almost 30% coming out of the weekend, while Dogecoin had only seen 13% of growth in the same time period, owing to low momentum.

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This does not mean that Doge is completely out of the running though. With adoption growing, demand for the altcoin will continue to rise, which will, in turn, lead to the digital asset being more valuable.

Dogecoin price chart from TradingView.com

DOGE trading at $0.15 | Source: DOGEUSD on TradingView.com

On the charts, the cryptocurrency looks ready for another breakout towards the $0.2 territory. A caveat for this though would be for momentum to rise alongside the holder base. Otherwise, the current recovery may only be temporary and see the meme coin falling below last week’s low if the market slides once more.

Featured image from Artsy, chart from TradingView.com




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