Tens of Billions of Dogecoin in Possession of Long-Term Holders, Analytics Firm Reports

According to IntoTheBlock, the number of Dogecoin hodlers has been steadily increasing since the start of the year. As of now, 3.18 million addresses hold DOGE, and long-term holders control 44,800,000,000 DOGE worth over $3.76 billion. The analytics firm notes that the supply currently held by long-term DOGE holders is at its highest level since October 2021, when the memecoin was trading at around the $0.30 price level.

DOGE’s Recent Performance

Dogecoin has experienced a surge in value over the last few days, with a rally from a weekly low of $0.071 on March 28th to a high of $0.085, marking an increase of nearly 20%. This recent surge in value has put 61% of DOGE holders in profit, while 34% are in the red and only 5% are breaking even.

Long-Term DOGE Holders Control Billions of Dollars in Value

With the supply held by long-term DOGE holders now at its highest level since October 2021, these investors now control tens of billions of DOGE worth over $3.76 billion. This increase in the number of long-term DOGE holders is a promising sign for the cryptocurrency industry, as it indicates a growing level of trust in the potential of digital assets.

The Future of DOGE

With the recent surge in DOGE’s value, there is speculation about what the future holds for the memecoin. Some analysts believe that the recent rally could be due to the upcoming “Dogecoin Day,” which falls on April 20th, a day when fans of this cryptocurrency celebrate its rise in popularity. Others speculate that the recent surge is due to renewed interest in the cryptocurrency market as a whole, which has been relatively quiet in recent months.

The Role of Long-Term Holders in the Crypto Market

The increasing number of long-term DOGE holders is reflective of a growing trend in the crypto market, where investors are holding onto digital assets for longer periods of time. This trend is seen as a positive sign for the industry, as it indicates a growing level of trust and confidence in the potential of blockchain technology.

Conclusion

The recent surge in the value of Dogecoin has brought attention to the increasing number of long-term holders who now control tens of billions of DOGE worth over $3.76 billion. With the number of DOGE hodlers at a new all-time high of 3.18 million addresses, the growing popularity of digital assets is evident. As the crypto market continues to evolve, the role of long-term holders will likely become even more important in shaping the future of blockchain technology. The increasing number of long-term DOGE holders is a promising sign for the cryptocurrency industry, as it indicates a growing level of trust and confidence in the potential of digital assets.