On-chain data shows Dogecoin now has around 5.3 million addresses carrying a balance. Here’s how Bitcoin and other top coins compare with this.
Dogecoin Has Seen Its Number Of Addresses Carrying A Balance Go Up
In a new post on X, the market intelligence platform IntoTheBlock has shared an infographic that breaks down the total number of addresses that are carrying a balance for some of the top layer 1 cryptocurrency networks.
“Layer 1” blockchains are those that host secondary networks and applications on top of them, and provide the actual processing and security for the entire layered network.
Below is the infographic posted by the analytics firm that shows the 30-day trend in the number of holders for six major layer 1 networks: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Avalanche (AVAX), Dogecoin (DOGE), and Cardano (ADA).
The number of addresses with a balance for the different top coins | Source: IntoTheBlock on X
It would appear that Ethereum currently boasts the highest number of addresses carrying a balance with the total sitting at 103 million right now. The next best is Bitcoin, with less than half the number at 51 million.
Litecoin, Avalanche, Dogecoin, and Cardano all have a much smaller number of holders when compared to the top two cryptocurrencies, but their counts aren’t too different from each other. At 5.29 million holders, DOGE is sitting fifth on the list.
Interestingly, all the coins listed here have seen a significant rise in the indicator over the past month, except for one: ADA. The network saw an exodus of investors earlier in the month, where the metric’s value plunged in a short amount of time.
Dogecoin has observed some fast growth in its addresses during this period, implying that the blockchain has been catching a lot of attention recently. This adoption could be positive for the memecoin in the long-term.
Among the layer 1 networks other than Bitcoin and Ethereum, Litecoin is currently the largest in terms of the number of addresses with a balance at about 7.7 million.
The asset has been enjoying a spike in activity recently, as a user has pointed out in an X post.
The trend in the number of transactions on the LTC network over the past few months | Source: @C__thumbs on X
The number of transactions on the Litecoin network have been going up during the past month and just a few days back, the blockchain processed 1.27 million transactions inside a single day, a record for LTC.
It looks like that while DOGE may have had the stronger demand in terms of fresh adoption recently, LTC is still a network that’s popular in terms of transaction usage.
In some other news, a Dogecoin whale has withdrawn DOGE worth more than $91 million from the cryptocurrency exchange Binance today, according to data from the cryptocurrency transaction tracker service Whale Alert.
— Whale Alert (@whale_alert) December 26, 2023
Exchange withdrawals can be a sign of buying and since this outflow is so large, it could potentially have a bullish effect on the price of the asset.
Dogecoin has been stuck in sideways movement recently as its price is still trading around the $0.092 mark.
Looks like DOGE hasn't moved much during the past few weeks | Source: DOGEUSD on TradingView