• 26 May, 2024
Markets News

Dogecoin Outpaces XRP and ADA in Wallet Growth Over Six Months

Recent data released by on-chain data aggregator Santiment has shown a notable increase in activity within the cryptocurrency market, with a particular emphasis on the performance of Dogecoin (DOGE) compared to other major cryptocurrencies. Over the past six months, Dogecoin has demonstrated substantial growth in the number of nonempty wallets, a key metric often used to gauge user adoption and overall market acceptance.

According to the report, Dogecoin has experienced a 27% increase in the number of non-empty wallets, reaching 6.6 million. This growth outpaces that of XRP and Cardano (ADA), which have seen lesser gains in the same timeframe. Specifically, XRP’s nonempty wallets grew by 7%, totaling 5.2 million, while ADA showed no percentage increase, maintaining around 4.5 million non-empty wallets.

Source: Santiment

The Santiment report provides a broader perspective on how cryptocurrencies are performing relative to each other. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization, recorded increases in their non-empty wallets by 10% and 11%, respectively. Bitcoin’s nonempty wallets have reached a new all-time high of 53.9 million, and Ethereum’s have climbed to 120.7 million.

In contrast, Toncoin (TON) has shown the highest percentage increase among the tracked cryptocurrencies, with a remarkable 110% growth, pushing its nonempty wallet count to 16,800. This rapid expansion highlights TON’s growing footprint in the cryptocurrency market, although its total number of wallets remains lower than those of more established cryptocurrencies like Bitcoin and Ethereum.

The recent performance of Dogecoin not only underscores its popularity but also suggests a growing confidence among investors and users. The increase in wallet numbers is often associated with heightened activity and greater utilization of cryptocurrency for transactions and savings, indicating a solidifying position in the market ecosystem.

Further reinforcing the positive outlook for Dogecoin, cryptocurrency analyst and trader Ali Martinez has predicted a potential bull run for DOGE. Citing historical patterns, Martinez pointed out that similar market corrections in the past preceded price surges for Dogecoin. 

For instance, after a major drop in 2017 and 2021, DOGE experienced substantial bull runs, increasing by 982% and 12,197%, respectively. Currently, following another pattern break, Martinez anticipates another upswing for the meme-based cryptocurrency.

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