Dogecoin has continued to enjoy continuous support even through the bear market. The meme coin is still in the top 10 largest cryptocurrencies by market cap and has pushed through what seemed like impossible odds in a bear market. DOGE has refused to back out of the fight, growing its community at a time when crypto projects are struggling to hold on.
Dogecoin Holder Base Grows
The Dogecoin holder base had since crossed 4 million back in the bull market but the sell-offs had caused a decline in its holder base. However, this would prove to not last long as the last few months have been good for Dogecoin.
Data shows that the Dogecoin holder base grew by more than 100,000 in the last 3 months. Now, this usually would not be a massive number in the bear market for the meme coin but it comes at a time when the price of the digital asset is not performing well in the market.
Back in July, the total holder base of DOGE was sitting just above 4.36 million. In the last three months, this number is up about 2.2%. This number now sits at 4,458.849 at the time of this writing. The chart also shows that most of this increase happened in the month of October. The majority of the 100,000 new holders had come in the last month.
DOGE holders grew by 100,000 | Source: Coinmarketcap
The increase also follows a rise in the price of Dogecoin at the beginning of the month and Elon Musk’s latest venture to promote the meme coin. The ‘Burnt Hair’ perfume by the Musk-led Boring Company has already sold more than 20,000 bottles so far.
DOGE On The Charts
Dogecoin’s price is down significantly from its all-time high but in the short term, the digital asset seems to be following the general market sentiment of its community. The average forecast for Doge has put it above the $0.06 price level at the end of July and the meme coin looks to be trying to break this. In the last 24 hours, the price of DOGE has held up quite well with only a slight decline. This puts the price at just under $0.06 for the time being.
DOGE remains below $0.06 | Source : DOGEUSD on TradingView.com
Interestingly, the community numbers on Telegram are not following the uptrend in holder count. It is down about 1.19% in the last week. Its social following on Twitter remains high though, with more than 3.4 million followers, making it one of the most followed crypto projects on the social media platform.
Large transactions for Dogecoin have also seen a decline during this time, with only 138 transactions valued at $100,000 or higher recorded on Sunday. The meme coin is also facing significant sell pressure due to stagnating prices, hence making it hard for DOGE to beat the resistance at $0.06.
Featured image from Analytics Insight, chart from TradingView.com
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