Dogecoin Hits 90 Million Address Milestone as Adoption Soars

Dogecoin

A sustained increase in addresses with a balance reflects ongoing interest and commitment from investors, which is crucial for the Dogecoin’s long-term growth and stability.

Dogecoin (DOGE) has recently surpassed 90 million total addresses, as reported by IntoTheBlock. This milestone encompasses all addresses that have ever held Dogecoin, whether currently active or not.

Out of the total 90.34 million addresses, 6.5 million currently hold Dogecoin, indicating active ownership. The remaining 83.84 million addresses no longer hold any Dogecoin, reflecting inactive or zero-balance accounts.

Dogecoin’s Market Dynamics

Since the start of 2024, there has been a steady increase in the number of addresses with a balance, signaling growing interest and investment in Dogecoin. This positive trend suggests a larger and expanding user base over time.

In recent trading, Dogecoin saw a modest 0.52% increase in the past 24 hours, with its price reaching $0.124. Over the past week, it has risen by 1.11%. However, Dogecoin recently fell below the critical daily Simple Moving Average (SMA) of 200, currently at $0.128, on June 18th, and has since remained below this level.

For a bullish scenario, Dogecoin needs to reclaim and maintain a price above the $0.128 SMA 200 level. Achieving this could propel it toward the next resistance at the daily SMA 50, currently at $0.15, signaling a breakout from its recent trading range. Failure to surpass $0.128 may prolong its consolidation between $0.12 and $0.18.

Conversely, if Dogecoin continues to decline and breaks below the $0.12 support level, it could indicate bearish momentum, potentially leading to further declines toward $0.10. Bulls would likely defend this level to prevent further downside.

The dynamics of Dogecoin’s price movements are closely tied to market sentiment and broader cryptocurrency trends. A sustained increase in addresses with a balance reflects ongoing interest and commitment from investors, which is crucial for the cryptocurrency’s long-term growth and stability.

As Dogecoin navigates these price levels, investors and traders are closely watching key technical indicators and market developments to gauge its future direction. The cryptocurrency market remains volatile, influenced by factors such as regulatory developments, macroeconomic trends, and investor sentiment towards digital assets.