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Zycrypto

05/20/2024

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Dogecoin Quarterly Wallet Growth Outpaces Long-Standing Competitors Ripple's XRP and Cardano (ADA)

Dogecoin is usually mentioned alongside other newer meme coin competitors. However, a new development has placed Dogecoin amid other leading altcoins. Ripple’s XRP and Cardano (ADA) have noticed massive...

Dogecoin Quarterly Wallet Growth Outpaces Long-Standing Competitors Ripple's XRP and Cardano (ADA)

DOGE’s Chances Of Being Merged With Twitter Soar As Hoskinson Proposes Making Dogecoin A Cardano Sidechain

Dogecoin is usually mentioned alongside other newer meme coin competitors. However, a new development has placed Dogecoin amid other leading altcoins. Ripple’s XRP and Cardano (ADA) have noticed massive wallet growth over the last 6-months, but Dogecoin has made an even more impressive move by outpacing their wallet address count.

The most valuable meme coin, the 9th most valued cryptocurrency by market cap, has recorded an upsurge in new wallet users. The number of new wallet addresses over the past 6-months, as depicted in a chart shared by Santiment, is noticeably higher than that of XRP and ADA.

Since December last year, DOGE has seen its holder count soar to 6.63 million. Milestones like these are important because they typically point to increased interest from investors and traders alike. In Dogecoin’s case, the new development speaks to the asset’s dominance in the industry, as it emerged as the only meme coin and altcoin behind Ethereum, with the highest holder count within the period mentioned above.

ADA, XRP, and USDT are behind Doge, with a total number of holders totaling 4.47 million, 5.18 million, and 5.66 million, respectively.

Meanwhile, the apex cryptocurrency, Bitcoin (BTC), and its longstanding rival, Ethereum (ETH), saw a total number of holders of 53.85 million and 120.69 million, respectively.

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Dogecoin bulls remain suppressed as selling pressure rises

Despite the network growth, DOGE’s price is still struggling as market volatility continues into the week. The global cryptocurrency market has declined, with Bitcoin bulls struggling to stay afloat.

The development came not long after Elon Musk reportedly enabled Dogecoin as a payment method for a handful of Tesla products. The Dogecoin proponent had branded the memecoin the “people’s currency,” hinting at plans to integrate Doge into Twitter.

It is, however, still important to note that Dogecoin was one of the best-performing altcoins over the last week, with gains of more than 20%. The asset now trades at a press time price of $0.15.

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