The Number Of Dogecoin Owners Is Increasing, Here's The Proof!
JAKARTA Dogecoin (DOGE), one of the popular crypto coins known for its Shiba Inu dog logo, has again caught the attention of investors. A leading analytic firm, Into The Block, reports that tens of billions of Dogecoins are now in the hands of investors who intend to maintain the crypto asset in the long term.
According to IntoTheBlock, an entity that has held crypto assets for more than a year, or commonly called a hodler, now controls 44.8 billion DOGE worth more than $3.76 billion at the time this article was written. DOGE supplies currently held by long-term hodlers are at the highest level since October 2021, when Dogecoin is trading at a price level of around 0.30 US dollars (approximately IDR 4.000).
Based on the firm's analysis report, DOGE's long-term investor population has continued to increase since the beginning of this year. The number of DOGE hodlers has now reached a new record high of 3.18 million addresses with cohort investors representing 74.66 percent of all Dogecoin wallets.
The increase in the number of long-term DOGE hodlers comes as this leading memecoin shows signs of life in recent days. Dogecoin saw an increase from its lowest level on a weekly basis of 0.071 US dollars (around Rp1,000) on March 28 to its highest level of US$0.085 (Rp1,200), marking an increase of nearly 20 percent.
With Dogecoin's latest increase, IntoTheblock shows that 61 percent of DOGE's hodlers are in profits, while 34 percent are in losses, and only 5 percent are getting a balanced result.
Meanwhile, analysts predict that Dogecoin has the potential to rise even higher in the future. Some market observers see that this increase may be the result of a loose monetary policy and fiscal stimulus issued by the government during the COVID-19 pandemic.
However, there are also those who are skeptical of the long-term profit potential from Dogecoin's investment. Some experts consider this memecoin a high-risk and unstable crypto asset, so they advise investors to consider risks and benefits before deciding to take a position in the coin. Even so, it is undeniable that Dogecoin is again a hot topic of conversation among crypto communities and investors at this time.