Dogecoin, the original meme coin, has encountered significant resistance at the $0.08 level, even after a temporary upward breakout. Unlike other cryptocurrencies in the market, Dogecoin’s trajectory hasn’t followed the same path. However, this hasn’t deterred the network from experiencing growth across various metrics. Although Dogecoin’s value has declined by 23% since its local peak on December 9th, the number of wallets holding >0 DOGE has shown a remarkable increase. In fact, the network has witnessed a record-paced growth of 7.3%, the fastest in its decade-long history. This recent surge has led to the addition of nearly 414,000 new wallets, primarily holding 0.001-1 DOGE, within the past two weeks. Additionally, on January 29th, the Dogecoin network achieved a new peak with the creation of 247,240 new DOGE addresses. This steady expansion suggests promising outcomes for the future price movements of DOGE, despite its current struggle near $0.078.
Not only has Dogecoin demonstrated growth in terms of network expansion, but it has also performed better than other meme cryptocurrencies in various aspects. According to Intotheblock’s analysis of the number of holders in profit, Dogecoin leads the pack with 46.94%, surpassing SHIB (27.11%), PEPE (24.81%), and FLOKI (16.11%). Moreover, DOGE boasts the highest number of holders, totaling 5,853,959, compared to SHIB’s 1,291,903, PEPE’s 152,195, and FLOKI’s 73,038. However, in terms of the percentage of whales, Dogecoin trails behind SHIB (62.42%), PEPE (48.01%), and FLOKI (69.00%). The top two leaders in this aspect are Wojak (WOJAK) with 69.27% and Akita Inu (AKITA) with 68.01%. Additionally, Dogecoin has the highest number of traders, reaching 387,000 as of January 29th, far surpassing the other meme cryptocurrencies, which stood at 576,000 by the end of December.
In recent news, SpaceX, the famous aerospace manufacturer and space transportation company, has agreed to accept Dogecoin (DOGE) as payment for rescheduling the highly anticipated DOGE-1 Mission to the Moon. Samuel Reid, CEO of Geometric Energy Corporation (GEC), disclosed this transaction, revealing that DOGE was used to rebook the mission after its initial schedule was delayed. Although Dogecoin has been associated with surges in value due to payment-related news involving Elon Musk’s enterprises like X, Tesla, or SpaceX, this recent development did not produce a noticeable impact. It appears that the excitement surrounding potential crypto adoption by these companies may have diminished, following past disappointments.
While facing challenges within the global market, Dogecoin has emerged as a significant player in the Indian cryptocurrency market, particularly among individuals aged 26-35. Industry experts have revealed that within this age group, DOGE has surpassed Bitcoin in terms of investment appeal. This specific demographic constitutes 40% of India’s total population of 19 million cryptocurrency investors. This growing popularity showcases Dogecoin’s ability to capture the interest of younger Indian investors and potentially contribute to its future growth and adoption within the country.
Dogecoin continues to face resistance at the $0.08 level, hindering its price movements. However, the network’s growth in terms of the number of wallets and holders indicates potential positive outcomes for the future. Furthermore, Dogecoin has outperformed other meme cryptocurrencies, displaying a robust number of holders and traders. In the space industry, Dogecoin’s utilization as a payment option for the DOGE-1 Mission to the Moon marks another milestone, although the impact on its value has been relatively muted. Within the Indian market, Dogecoin has gained traction among the younger population, surpassing the appeal of Bitcoin. These developments highlight the evolving nature of Dogecoin as a meme coin and its potential for further growth and adoption in various sectors.