Dogecoin Adoption Heats Up: Small Wallets Under 100,000 DOGE Sees Sharp Spike
The post Dogecoin Adoption Heats Up: Small Wallets Under 100,000 DOGE Sees Sharp Spike appeared on BitcoinEthereumNews.com.
Following the renewed upward price strength of Dogecoin, the largest meme coin, there has been a significant uptick in adoption over the past few weeks, as evidenced by a recent notable rise in small DOGE wallets. As DOGE continues to attract more gains, the growth could help bolster its price and trigger future gains. Wallets Holding 100,000 Dogecoin On The Rise In an optimistic development, the number of wallets containing less than 100,000 DOGE has witnessed a sharp increase. Market intelligence and on-chain data platform, Santiment, reported the advancement on the X (formerly Twitter) platform, which has captured the attention of the community. This noticeable increase in small wallets comes in light of growing market optimism, signaling a persistent rise in interest among smaller investors. It also reflects retail investors’ confidence in Dogecoin’s future price performance as they acquire the meme coin in tiny amounts, suggesting a robust sentiment toward DOGE fueled by improving market conditions. Data from the market intelligence platform shows that there have been over 74,885 more wallets with fewer than 100,000 DOGE in the last 4 weeks. “Regardless of your take on meme coins, it has been impossible to ignore the ascension of crypto’s top meme coin,” the platform added. Small wallets with less than 100,000 DOGE surges | Source: Santiment on X It is important to note that while smaller investors have been accumulating DOGE, shark and whale wallets were seeing a decline, with a net decrease of -350 during this period. The drop in shark and whale wallets suggests a shift in large-scale investor behavior. With the number of large-scale investors declining, the development could influence the price stability of DOGE in the short term due to their role in supporting price growth. However, in the past few days, about 108 wallets have returned…
Filed under: News - @ November 13, 2024 9:27 pm