Key Insights:
- Dogecoin holders now have 44,800,000 of the meme coin, which is worth over $3.76 billion.
- These DOGE HODLers have held their token for over a year and are willing to keep it for extended periods.
- The price surge may require miners to add 360 million DOGE coins to the supply.
A few days into April 2023, an analytics firm, IntoTheBlock, revealed the rise in the supply of Dogecoin held by long-term HODLers, reaching its highest level since October 2021. Even though the increase began early this year, the overnight exponential surge has raised dust in the crypto ecosystem. So what could (then) have led to this spike?
Dogecoin HODLers
As the enormous numbers suggest, Dogecoin HODLers have decided to increase their investment in the meme coin. So it was unsurprising when the analytics firm revealed that a few of these investors decided to hold tens of billions of DOGE longer than expected. These DOGE HODLers have held their Dogecoin for more than a year. They now have about 44,800,000 DOGE in their investment portfolios and command over $3.76 billion of the meme coin.
Furthermore, the number of Dogecoin holders has increased to an all-time high of 3.18 million addresses. Of this whooping number, 74.66% have held their DOGE for over a year, with indications to hold for extended periods.
There are strong indications that the rise in Dogecoin investors is due to its affordability— compared o similar digital assets. Moreso, Dogecoin’s good entry with fair price value makes it a toast to new entrants; say you do not have to tweak the bank to invest in DOGE. Similarly, the meme coin enables you to diversify your crypto portfolio quickly.
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What’s Next for Dogecoin?
Since the beginning of 2023, Dogecoin has shown an impressive run— followed by a significant surge in April 2023. These events have flashed signs of life over the meme coin, and in the coming days, there are expectations that more long-term investors will acquire the dogecoin and hold it for as long as possible.
Similarly, the past few days have seen a rise in the price value of DOGE. It rallied from a weekly low of $0.071 on March 28 to a high of $0.085 on April 2. This surge shows an increase of 20% within four days.
Significantly, if the meme coin continues on this trajectory, it will cross the $1 threshold before the month ends. This probably necessitated the Dogecoin miners to add 360 million DOGE tokens to their holdings within the last month. So that when HODLers demand more and the price surge, they won’t run out of supply.
Elon Musk has not been silent about Dogecoin in recent times. However, there are strong indications that he would drop one of his controversial tweets in response to this surge, as he did in 2020 by tweeting: Doge. This tweet saw a rise in DOGE by 23% within hours. Should he toll that path again in 2023, investors are optimistic of a similar surge in the price value of Dogecoin.
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Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
