The Number Of Dogecoin Holders Spiked In October, Adding Almost 100,000 In 3 Months
Meme cryptocurrency DOGE is observed to experience a parabolic bounce on October 22. Investors with renewed optimism about Dogecoin continue to join the DOGE community. Hence, it is no surprise that the doge community has recorded a growth of about 2% from the 4,365,551 holders registered on July 24. As of October 22, this number is 4,454,487. Coinmarketcap data shows the tenth-ranked cryptocurrency by market cap has added 88,936 holders within three months. Recall that Elon Musk, on June 22, declared personal support for DOGE, saying it’s a coin with great potential.
Why Dogecoin Holders Are Increasing
Many attribute the fast growth of any crypto to the influence of whales. Whales are token holders with vast volumes of a specific token. Hence, the price increase of Dogecoin can be linked to the continued coin accumulation by whales.
Essentially, this whales’ activity creates an increase in the demand-supply dynamics. Thus, causing a spike in its price. Also, the DOGE price spike coincides with the period world’s richest man, Musk, revived his interest in purchasing the popular social media network Twitter.
Musk’s revived interest could be bullish for Dogecoin as Musk may add the meme-themed coin as a payment method on Twitter. It would be the same way he accepts DOGE and other crypto payments for his Burnt Hair perfume product.
Musk recently launched product line netted him $1 million in sales within a few hours. The Dogecoin community is known to enjoy a peaceable relationship with Elon Musk, who declared his support for the DOGE team in a recent interview.
Also, he is set to work with the project’s developers to expand the viability of the meme coin. It could be the cause of the spike coin’s price. Interestingly, the Dogecoin project has continued to evolve, drawing the attention of many over the last three months.
Technical analysis from most cryptocurrency data services showed neutral sentiment at the time of writing. Fifteen indicators show bullish signals compared to 14, which showed bearish ones.
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