Doge is positioning itself as one of the most widely adopted cryptocurrencies as its number of holders approaches 8 million.
According to on-chain analytics firm Sentiment, Doge currently has 7.97 million holders. This is the third-highest among major cryptocurrencies, following Ethereum (14.838 million) and Bitcoin (55.39 million).
The number of holders is a key indicator of network health. The total number of addresses with long-term balances reflects investment and holding interest in a specific crypto asset. In the short term, it can serve as a leading indicator of traders' positions and price movements.
Doge dropped to $0.168 after a three-day decline but rebounded from Friday. As of Saturday, it is trading at $0.187, up 4.02% in the last 24 hours.
Analysts view $0.20, which aligns with the 50-day simple moving average (SMA), as an intermediate resistance level. If Doge breaks through this level with high trading volume, the increased number of holders could strengthen its upward momentum.
Doge is currently moving within a broad range between $0.14 and $0.26. If it falls below $0.14, it could drop further to $0.10, and if it breaks above $0.26, it could potentially rise to $0.38.
Get news in real-time...Go to Token Post Telegram
<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>
