Dogecoin is proving its resilience, with 68% of its wallets still in profit. Currently, it ranks 4th among assets with a market cap exceeding $1 billion. However, for Dogecoin to achieve further growth, the network needs a catalyst.
Recent data shows a gradual decline in the number of new addresses, indicating fewer new participants joining the network. The number of transactions has also been mixed over the past three months, with a few notable spikes that were short-lived.
Interestingly, Dogecoin’s network activity is significantly higher in Western time zones, suggesting that the APAC region could be a potential area for growth.
Dogecoin Holding Average Time Is Over 2.3 Years, As 67% Of Holders Have Held Over A Year
One important nuance regarding the lower transaction volume is the loyalty of its holders. The average holding time for Dogecoin is 2.3 years, indicating that while people may not be actively using the network, they are not selling their assets either. In fact, 67% of all $DOGE holders have held their assets for over a year.
With 68% of Dogecoin wallets still in profit, the asset is showing resilience and currently ranks 4th among assets with a market cap of over $1 billion.
However, the network needs a catalyst to drive further growth. Here's why: pic.twitter.com/zESlnm6LJ5
— IntoTheBlock (@intotheblock) August 7, 2024
This long-term holding trend underscores a strong belief in Dogecoin’s potential among its community. However, to attract new users and increase transaction volumes, Dogecoin needs a significant event or development to serve as a catalyst for growth.
In summary, while Dogecoin demonstrates strong resilience and loyalty among its holders, it requires a catalyst to drive new growth. The APAC region presents a promising opportunity for expansion, and increasing activity in this area could help invigorate the network.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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