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Dogecoin Outperforms XRP, ADA in Crucial Metric in Past 6 Months: Report

Fri, 3/05/2024 – 9:01

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On-chain data aggregator Santiment spreads the word about the increased whale activity over the past half a year. The original meme cryptocurrency DOGE has outplayed XRP, ADA and several other major altcoins.

DOGE has also beaten Bitcoin and Ethereum but not quite. Bitcoin and Toncoin have reached new highs.

Bitcoin wallets print ATH but TON still expands faster

A tweet published earlier today shows that the world’s largest and primary cryptocurrency Bitcoin has staged an all-time high in non-empty addresses as this metric reached 53.85 million wallets in the past six months.

Toncoin (TON) wallets have surged to a 16,800 high. However, this network has been growing at a much faster pace than BTC.

DOGE beats ADA, XRP

Santiment’s report continues that in terms of the percentage growth TON is at the top of the list with a massive 110% increase, leading it to a total of 16,800 non-zero wallets in the past half year.

Dogecoin follows this crypto with a 27% growth and 6.6 million wallet milestone achieved by now. Bitcoin and Ethereum have printed modest increases of 10% and 11%, however, the number of their wallets has spiked to 53.9 million and 120.7 million, respectively.

XRP and ADA are at the bottom of the list here, below Bitcoin. XRP non-empty wallets have increased by 7% (5.2 million in total) and ADA’s growth constituted 0%. The Cardano chain remains at the 4.5 million non-zero wallet level.

Analyst predicts massive DOGE bull run

Cryptocurrency analyst and trader Ali Martinez, who’s popularity on the X platform has greatly expanded recently, shared on his account that he expects DOGE to stage a bull run. Therefore, he published a thread to clarify his prediction.

Martinez explained that the correction Dogecoin is currently undergoing is normal for this meme coin and has been observed before DOGE broke into a bull run in the past.

He referred to 2017, when DOGE broke out of a descending triangle pattern. In that year, the meme coin dumped 40% before it started on a massive 982% bull run. A similar scenario played out in 2021 – a retracement by 56% occurred before a 12,197% surge and the all-time high. Currently, Dogecoin has again broken out of a similar pattern and is expected to ignite a bull run.

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