Dogecoin holders are showing strong conviction in their investment with an increasing number of investors deciding to hold onto their DOGE for the long haul, according to leading analytics firm IntoTheBlock. The data shows that the number of entities holding onto the crypto asset for over a year has reached an all-time high of 44,800,000,000 DOGE, worth over $3.76 billion at the time of writing. This represents a significant increase since October 2021 when DOGE was trading at around $0.30.
The analytics firm also highlights the steady increase in the population of long-term DOGE investors since the start of 2023. Per IntoTheBlock, the number of DOGE hodlers now stands at a new all-time high of 3.18 million addresses, representing 74.66% of all Dogecoin wallets.
The rise in the count of long-term DOGE holders comes as the leading memecoin rallies in the market, increasing nearly 20% from a weekly low of $0.071 on March 28th to a high of $0.085. IntoTheBlock’s data shows that with the latest Dogecoin rally, 61% of DOGE holders are in profit, while 34% are in the red with only 5% breaking even.
According to analysts, the increasing number of long-term DOGE holders is a sign of strong faith in the cryptocurrency’s future prospects. These investors may be anticipating a potential rise in value in the long run, which is why they have chosen to hold onto their assets.
Moreover, the fact that over 60% of DOGE holders are in profit is also a positive sign for the cryptocurrency. As the market rallies, more investors may be encouraged to buy into DOGE, thereby pushing its price higher.
The recent surge in DOGE’s price could also be attributed to the broader bullish sentiment in the cryptocurrency market. As Bitcoin and other major cryptocurrencies rally, DOGE is likely to benefit from increased investor attention and interest.
However, it is important to note that the cryptocurrency market is highly volatile, and DOGE’s price movements are subject to sudden fluctuations. Therefore, investors should exercise caution and conduct thorough research before investing in DOGE or any other cryptocurrency. While the increasing number of long-term DOGE holders is a positive sign, it is not a guarantee of future returns. Nonetheless, the data suggests that there is strong demand for DOGE in the market, and this could potentially drive its price higher in the coming days.