Data shows that Dogecoin and Cardano are among the assets that continued to show the same adoption trend this year through 2023.
Dogecoin and Cardano recorded wallet growth in the first week of 2024
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The relevant indicator here is the “Total Holders,” which tracks the number of wallets of any asset with a non-zero balance on the blockchain.
If the value of this metric increases, it could mean that investors are currently opening new addresses on the network or that old holders are reinvesting in the asset after previously emptying their addresses. Therefore, such a trend can be a sign to take over or buy.
Such an increase in the indicator may also be due to existing users opening new addresses for privacy or other reasons. However, this is usually not relevant for the overall market, unlike the introduction, which can have a positive effect on the price in the long term.
On the other hand, the falling indicator could mean that some holders are deleting their addresses entirely, a sign that a massive exit from the cryptocurrency could be underway.
Now here is a chart showing the trend of total holders for six different major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), XRP (XRP), Cardano (ADA), and Chainlink (LINK).
Bitcoin, which has 52.6 million addresses, saw a 32% increase over the period, while Ethereum saw a 52% increase and now has more than twice as many BTC at 112.1 million.
Cardano also outperformed the original digital asset in this regard, as the total number of its holders increased by 38%. XRP and Dogecoin are still ahead of ADA in terms of total numbers, despite their lower growth of 26% and 22%, respectively.
While some like coins
Following recent growth, Dogecoin now has 5.7 million wallets with funds, putting it above all cryptocurrencies on this list that are not named Bitcoin or Ethereum.
The adoption continues to only occur on meme coins and other assets, suggesting that investor interest has not yet waned, which could be an optimistic sign for the future in 2024.
As more investors have entered the Dogecoin space recently, the asset’s price has performed contrary to expectations as it has fallen by more than 12% since the beginning of the year and currently stands at around $0.0789.