The number of total crypto wallets holding Dogecoin (DOGE) has just hit the 5 million mark, which can be considered a remarkable milestone for the blockchain. This milestone coincides with a huge increase in Dogecoin’s user activity.
Dogecoin Sees Both Adoption And Usage
The Dogecoin network is blossoming.
According to on-chain data aggregator IntoTheBlock, the number of crypto addresses holding DOGE has reached 5 million for the first time. Usually, an increase in the number of wallets holding a token suggests that the ecosystem is growing in terms of adoption, and this is no different for Dogecoin.
This 5 million wallets milestone comes as Dogecoin user activity heats up. Notably, the number of active addresses on the network has more than doubled in the last day to 168,000, reaching the highest level of involvement since March 2022.
Although the total number of addresses with a DOGE balance does not precisely translate to the number of holders, it offers a reasonable estimate of the number of people who own the leading meme coin.
Further, Dogecoin has seen an astounding surge in the number of confirmed transactions as they soared to the highest since June. This number has rocketed by a staggering 1,000% in the last 10 days.
DOGE Price Prediction: Can it Reach $1?
Dogecoin has been on the radar of many top cryptocurrency pundits in recent weeks because its technical indicators have been flashing bullish for the longest time. The coin has also enjoyed bullish fundamentals, including the announcement from the team that a physical DOGE token is being sent to the moon in a December mission by space payload transporter Astrobotic.
However, DOGE has underperformed top-ranking cryptocurrencies like Bitcoin so far in 2023. The coin is down 15.7% YTD, compared to BTC’s 135% gains in the same period. On Nov. 28, DOGE’s price jumped over 4.2% to $0.080644, as per CoinGecko data. The 10th-ranked coin by market capitalization might be gearing up to achieve $0.10, or even the highly coveted $1 mark.
Considering the high levels of adoption and usage that the canine-themed crypto is experiencing at the moment, the odds are certainly looking in favor of the bulls.
Notably, DOGE needs an 88.95% rise to reclaim its May 2021 high of $0.7315.