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Dogecoin (DOGE) Hits 90 Million Address Milestone: Details

Fri, 28/06/2024 – 16:18

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According to IntoTheBlock data, Dogecoin (DOGE) has surpassed the 90 million mark in total addresses, which refers to all addresses ever created at any point that have held Dogecoin and those that still do. Dogecoin’s total addresses have risen to a current 90.34 million.

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Total addresses differ from Total addresses with Balance (Holders) which, according to IntoTheBlock, refers to all addresses that hold Dogecoin.

IntoTheBlock
Dogecoin (DOGE) Total Addresses, Courtesy: IntoTheBlock

There may be circumstances where one person has several addresses (for example, leaving cryptocurrency in multiple addresses for security reasons) or scenarios where one address holds the funds of various users (centralized exchanges), which is reflected in the number of total addresses with a balance.

For Dogecoin, the total number of addresses with a balance is currently 6.5 million. A total of 83.84 million represent total zero balance, which are addresses that used to hold Dogecoin but no longer do so.

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Against this backdrop, it is worth noting that the total number of addresses with a balance has been steadily growing since the start of 2024.

In the long run, the total number of addresses having a balance reflects interest in holding and investing in a specific crypto asset. An increasing number of addresses with a balance is beneficial because it indicates a more robust and expanding user base.

Dogecoin price action

Dogecoin was up 0.52% in the last 24 hours to $0.124, and it is up 1.11% in the last seven days.

Dogecoin broke and closed below the daily SMA 200 at $0.128 on June 18, and it has since been consolidating or trading in a range below this critical milestone.

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The bulls will need to push the price above the daily SMA 200 at $0.128 to mark the start of a strong comeback. Dogecoin might then advance to the daily SMA 50 at $0.15, potentially allowing it to depart the broader range in which it previously traded. Failure to do so may indicate that the range-bound action between $0.12 and $0.18 will last for a little longer.

If declines persist and the DOGE price falls significantly and breaks below $0.12, it may indicate that bears are in command. That might spark a downward move toward $0.10, where the bulls will once again attempt to halt the slide.

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