Analytics firm Santiment has revealed how some major altcoins like Dogecoin and XRP compare to each other in terms of number of holders.
Dogecoin saw its total number of holders reach 6.69 million recently
In a new job On X, Santiment shared data on the total number of holders of various altcoins in the cryptocurrency industry.Total number of holders“here refers to an on-chain metric that keeps track of the number of addresses on a given network currently holding a non-zero balance.
When the value of this indicator increases, it can be due to several reasons. The arrival of new investors, as well as that of old holders who had sold before returning, both lead to an increase in the measure.
The total number of holders on the blockchain also naturally increases as existing users create multiple addresses to distribute their holdings for privacy purposes.
Typically all of these elements are in play to some degree at the same time, so some net effects adoption It can be assumed that this happens whenever the indicator observes an increase. Adoption is generally bullish for the price of any coin in the long term.
On the other hand, the drop in value suggests that some investors have decided to empty their wallets, which may be a bearish sign for the cryptocurrency.
Now here is a chart that shows the trend in the total number of holders of six popular altcoins in the industry, Dogecoin (DOGE), XRP (XRP), Cardano (ADA), Shiba Inu (SHIB), Litecoin (LTC), and Chainlink (LINK), over the past decade:
Looks like LTC has the highest value on this metric out of these altcoins | Source: Santiment on X
As seen in the chart above, Litecoin is the number one altcoin out of the six listed, as its total number of holders is around 8.08 million at present. Dogecoin is second with 6.69 million investors, while XRP is third with 5.24 million.
The chart shows that DOGE has seen considerable adoption over the past year, with the metric seeing a sharp spike. Cardano, Shiba Inu, and Chainlink, the bottom three in this indicator, have all remained flat, implying that their user bases have not grown for quite some time now.
Litecoin has seen some notable negative movement during this period, but it hasn’t been enough to knock the asset out of its top spot. Furthermore, since the rapid drop, the total number of LTC holders has been on the rise again, suggesting that adoption is underway.
As mentioned earlier, adoption can be positive for any cryptocurrency for a long time. A larger user base provides a stronger foundation for future movements. As such, Dogecoin seems optimistic on this measure.
DOGE Price
Dogecoin broke above the $0.14 level earlier, but the memecoin has since pulled back and is now trading around $0.13.
The price of the asset appears to have overall been moving sideways recently | Source: DOGEUSD on TradingView
Featured image from iStock.com, Santiment.net, chart from TradingView.com
