Dogecoin (DOGE) Has Seen Its Total Holder Count Grow To 6.69 Million Recently, Compares Favorably Against XRP (XRP)

The analytics firm Santiment has revealed how some prominent altcoins like Dogecoin and XRP compare against each other in holder count.

Prominent altcoins like Dogecoin and XRP have been compared against each other in terms of holder count by the analytics firm Santiment.

Recently, Dogecoin’s Total Holder Count Surged To 6.69 MillionProminent altcoins’ relative performance is often an interesting subject for investors. To help gauge this, Santiment shared the Total Amount of Holders data for several altcoins in a recent post.

When the value of this indicator increases, it could be for several reasons. New investors entering the market, as well as old holders who previously sold returning, both contribute to the metric’s increase.

As new addresses are created by existing users to distribute their holdings for privacy, the Total Amount of Holders on the blockchain also rises naturally.

In general, all of these factors are simultaneously at play to some degree, so some net adoption can be assumed to occur whenever the indicator shows an increase. Usually, adoption bodes well for any coin’s price in the long term.

On the other hand, some investors decide to clear out their wallets, which is indicated by the decreasing metric, and this could be a bearish sign for the cryptocurrency.

Now, check out a chart that shows the trend in the Total Amount of Holders for six popular altcoins in the sector, Dogecoin (DOGE), XRP (XRP), Cardano (ADA), Shiba Inu (SHIB), Litecoin (LTC), and Chainlink (LINK), over the past decade:

According to the graph above, out of the six altcoins listed, Litecoin has the highest total Number of Holders, which is currently around 8.08 million. Dogecoin is second with 6.69 million investors, followed by XRP with 5.24 million.

The chart shows that DOGE has seen significant adoption over the past year, with a sharp increase in the metric. Cardano, Shiba Inu, and Chainlink, on the other hand, have all seen a flattish trend in this indicator, suggesting their user bases haven’t been growing for a while now.

During this period, Litecoin has seen a notable negative change, but it hasn’t been enough for the asset to lose its number one spot. Moreover, the total number of holders for LTC has been rising again since the rapid decrease, indicating that the asset is still being adopted.

As mentioned earlier, adoption can be beneficial for any cryptocurrency in the long run. A larger user base bodes well for future endeavors. In this regard, Dogecoin appears to be bullish.

DOGE Price

Earlier, Dogecoin managed to cross the $0.14 level, but the meme coin has since declined and is now trading at about $0.13.

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