Dogecoin and Cardano are among the assets that have continued to demonstrate the same adoption tendency this year as they did in 2023, according to the data that has been collected.
Santiment, a company that specializes in on-chain analytics, has recently published a post on X in which they discuss the address growth of several cryptocurrencies in the industry over the course of the past year.
It is the "total amount of holders" that is the indicator that is pertinent in this situation. This indicator keeps track of the number of wallets that contain any asset that has a balance on the blockchain that is not zero.
When the value of this statistic increases, it may indicate that investors are opening new addresses on the network at the moment, or that existing holders are investing once more in the asset after having previously emptied out their addresses. As a result, this kind of development can be an indication that some kind of adoption or purchasing is taking place.
There is also the possibility that this increase in the indicator is the result of existing users opening up new addresses for the aim of protecting their privacy or for some other reason. On the other hand, this is typically not significant to the larger market, in contrast to adoption, which might occasionally have a beneficial effect on the price over the course of time.
On the other hand, if the indicator demonstrates a downward trend, it may suggest that some of the holders are entirely emptying their addresses, which is an indication that a widespread withdrawal from the cryptocurrency may be taking place.
Now, let's have a look at a graphic that illustrates the progression of the total number of holders for six major leading cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), XRP (XRP), Cardano (ADA), and Chainlink (LINK).
The graph that is given above demonstrates that all of these cryptocurrencies have had some degree of adoption over the course of the past year, as evidenced by the fact that the overall number of investors has increased.
During this time span, Bitcoin, which currently has 52.6 million addresses, experienced a 32% gain. On the other hand, Ethereum experienced a 52% increase and now has 112.1 million addresses, which is more than twice as many as Bitcoin.
Cardano has also exceeded the original digital asset in this statistic, as it has seen a gain of 38% in the total number of holders it has. In spite of the fact that they have had slower growth rates of 26% and 22%, respectively, XRP and Dogecoin continue to surpass ADA in terms of overall transaction volume.
In spite of the fact that the number of addresses for certain cryptocurrencies, like as XRP and Bitcoin, has slowed down in recent times, DOGE, ADA, and ETH have continued to enjoy popularity in this new year, as the indicator for these cryptocurrencies has continued to increase.
The most recent expansion has resulted in Dogecoin having 5.7 million wallets that are now carrying a balance. This places it in the top spot among the cryptocurrencies on this list that are not named Bitcoin or Ethereum.
The fact that adoption is only continuing to occur for the meme currency and the other assets is an indication that investor interest has not yet waned, which can be a positive sign for what is to come later in the year 2024.
Price of DOGE:
Although there has been an increase in the number of investors entering the Dogecoin area in recent times, the price of the asset has not performed as anticipated. Since the beginning of the year, the price of the asset has decreased by more than 12%, and it is currently trading around $0.0789.
