4 months ago
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The analytics firm Santiment has revealed how some prominent altcoins like Dogecoin and XRP compare against each other in holder count.
Dogecoin Has Seen Its Total Holder Count Grow To 6.69 Million Recently
In a new post on X, Santiment shared the Total Amount of Holders data for various altcoins in the cryptocurrency sector. The “Total Amount of Holders” here refers to an on-chain metric that keeps track of the number of addresses on a given network currently holding some non-zero balance.
When the value of this indicator goes up, it can be due to several reasons. New investors coming in, as well as old holders who had sold before returning, both lead to the metric registering an increase.
The Total Amount of Holders on the blockchain also naturally rises when existing users create multiple addresses to distribute their holdings for privacy.
In general, all of these are at play to some degree at once, so some net adoption can be assumed to occur whenever the indicator observes an increase. Adoption is usually bullish for any coin’s price in the long-term.
On the other hand, the declining metric suggests some investors have decided to clean out their wallets, which can be a bearish sign for the cryptocurrency.
Now, here is 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:
As displayed in the above graph, Litecoin is the number one altcoin out of the six listed, as its total Number of holders is around 8.08 million right now. Dogecoin is second with 6.69 million investors, while XRP is third with 5.24 million.
The chart shows that DOGE has seen considerable adoption during the past year, as the metric has seen a sharp jump. Cardano, Shiba Inu, and Chainlink, the bottom three in this indicator, have all been flat instead, implying that their userbases haven’t been growing for a while now.
Litecoin has seen a notable negative change during this period, but it hasn’t been enough to cause the asset to lose its number one spot. Also, since the rapid plunge, the total number of holders for LTC has been on the rise again, suggesting that adoption is underway.
As mentioned earlier, adoption can be positive for any cryptocurrency for a long time. A wider user base provides a stronger foundation for future moves. As such, Dogecoin looks bullish in terms of this metric.
DOGE Price
Dogecoin surpassed the $0.14 level earlier, but the memecoin has since retreated as it’s now trading around $0.13.
Featured image from iStock.com, Santiment.net, chart from TradingView.com
