Blockchain News

Dogecoin’s Long-Term Holders Stash 44.8 Billion DOGE: What Does This Mean for the Cryptocurrency’s Future?

According to a reputable analytics company, tens of billions of Dogecoin (DOGE) are currently held by investors who have the intention of keeping the cryptocurrency asset for the foreseeable future.

According to data provided by IntoTheBlock, hodlers, or entities that have held the digital asset for more than a year, now possess 44,800,000,000 DOGE, which had a market value of nearly $3.76 billion at the time this article was written.

The analytics company claims that the supply of DOGE that is now held by long-term investors has reached its greatest level since October 2021, which was about the time that the price of Dogecoin was hovering around the $0.30 mark.

The market intelligence tool also reveals that since the beginning of the year, the number of individuals who are investing in DOGE for the long term has been gradually increasing.

The number of DOGE hodlers has reached a new all-time high of 3.18 million addresses, according to IntoTheBlock, with the investment cohort representing 74.66% of all Dogecoin wallets.

The main memecoin has been showing signs of life over the past few days, which has led to an increase in the number of long-term holders of Dogecoin (DOGE). The price of dogecoin reached an all-time high of $0.085 on March 28 after recovering from a weekly low of $0.071 on March 28. This is an increase of over 20%.

According to data provided by IntoTheBlock, as a result of the recent surge in the price of Dogecoin, 61% of DOGE holders have seen a profit, while 34% have seen a loss, and only 5% have seen their investment remain unchanged. At the time of this writing, one bitcoin can be purchased for $0.084 USD.

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