Dogecoin saw its unique address count surge by almost 90% in three months with 4.,459,717 holders in the month of Oct compared to 431718 in July 2022, as per data. This signifies investors’ anticipation for the token to rebound despite the sluggish price action.
According to the stats from CoinMarketCap, the tenth-ranked cryptocurrency by market cap has gained 88,936 new owners during the past three months.
On the pricing front, the meme currency continues to struggle with a sustained downward price trend, which has raised questions about the asset’s ability to return to its 2021 highs.
At the time of writing this post, DOGE is trading hands at $0.05951, rising marginally by almost 2% in the last 24 hours. Its current market cap stood at $7 billion.
Dogecoin’s Mismatch Is Due To This
There are a number of causes for the discrepancy between DOGE’s price and holder growth, including the expectation that the meme coin’s value would perhaps increase.
Notably, the ongoing acquisition of the asset by the whales and associated network activity that aims to increase the usefulness of the token underline the expectation of DOGE rallying once more.
However, in terms of computing power, Dogecoin hit its highest level in seven months as the deadline for DOGE proponent Elon Musk’s Twitter deal approaches.
Data from CoinWarz showed that the global hash rate of the blockchain has reached a value of around 815 TeraHashes per second [TH/s], TronWeekly reported.
Even though DOGE has failed to put any impact on the price, it remains investors’ preference. For instance, Gokhshtein Media’s creator and cryptophile David Gokhshtein recently admitted that he still holds a significant amount of Dogecoin.
He is also anticipating the parabolic rise of the leading meme coin. Since 2021, Gokhshtein has vouched for DOGE, claiming that it has made it possible for many people to invest in Bitcoin.
With another major DOGE proponent Elon Musk including the popular meme coin in his new perfume firm, the token’s adoption has been rising steadily.
A few examples such as BigCommerce, a significant supplier of e-commerce software, collaborating with BitPay and CoinPayments. This partnership yielded hundreds of BigCommerce merchants to gain access to a wide variety of cryptocurrencies, including DOGE, SHIB, Ethereum, and Bitcoin.