has entered a period of stagnancy, as the number of addresses holding the meme coin has slowed. This is a stark contrast to February and January, when the network experienced a significant expansion.
Dogecoin Has Added Only 60,000 New Addresses In March
from the shows that the total number of DOGE holders has increased by only 60,000 since the beginning of this month. At the start of the month, 6.51 million users were holding the meme coin, with this figure only increasing to 6.57 million since then.
This is unlike February when the total number of DOGE holders rose from 5.92 million to 6.51 million. Specifically, around this same time last month, the network had already seen an increase of 450,000 in the total number of addresses holding DOGE. Meanwhile, NewsBTC reported that over 400,000 new addresses were added in two weeks between January and February.
Dogecoin also set a new record in January alone when 247,240 new DOGE addresses were created on January 29. noted that a sustained uptrend in the network’s expansion “could soon reflect positively” on DOGE’s price. That underscores how significant the number of addresses holding the meme coin is.
The stagnancy in Dogecoin’s holder activity might also come as a surprise to some in the crypto community, considering the that has taken the crypto space by storm. However, a plausible explanation is that meme coin traders aren’t necessarily invested in the prominent meme tokens but have their eyes on the undervalued gems.
How Other Top Meme Coins Have Fared
Data from Santiment also shows that the other two meme coins, , which make up the top three largest meme coins by market cap, haven’t fared better. hasn’t seen its holder count increase since the beginning of the month, with the total number of users holding the meme coin still at 1.38 million.
On the other hand, still has less than 200,000 holders despite boasting a year-to-date (YTD) gain of over 370%. These figures place of SHIB and PEPE in terms of the number of users they all have. Dogecoin is expected to see its user base pick up once again as soon as there is a renewed interest in network functionalities like the Doginals.
At the time of writing, DOGE is trading at around $0.12, down almost 14% in the last 24 hours, according to from CoinMarketCap.
DOGE price at $0.12 | Source: