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Dogecoin: + 2% of owners in the last three months but prices do not take off

Dogecoin seems to continue at a good pace to welcome new holders of the token in its ecosystem. According to data provided by CoinMarketCap, the number of Dogecoin owners has increased by about 2% in the last 3 months.

Although the coin has enjoyed a steady increase in investors, this has not been reflected in its price movement. It seems that most of the investors are "sleeping whales" who are looking forward to future bullish news, such as the Twitter acquisition or other updates to the company. blockchain.

However, it is also useful to remember that Dogecoin has had massive growth in the past. What started out as a Twitter meme has grown to be a top 10 cryptocurrency, according to CoinMarketCap. Despite its huge popularity, it joined the rest of the market in a swoop during the recent cryptocurrency crash.

Dogecoin is still over 90% below its all-time high. However, in the last three months it has recorded a moderate increase in the number of owners which in the medium term could stimulate its prices: the total number of Dogecoin owners as of 23 October was in fact 4.456.459, compared to 4.365.551 on 24 July. (a 2% increase). Statistics from CoinMarketCap show that the tenth cryptocurrency by market cap gained over 889.900 shares in three months.

However, Dogecoin's price did not react to the activities of its holders: Cryptocurrency traded at $ 0,059 today, down 16,1% over the past three months.

There are several reasons that explain the disconnect between the increase in the number of owners of DOGE and the price of the cryptocurrency. One of the main reasons is the widespread expectation that the value of the meme coin will improve soon. The continued accumulation of DOGE by whales and network activities to increase its usefulness indicate that DOGE will rise again.

Tesla CEO Elon Musk was recently headlined for his proposed takeover of social media giant Twitter. This news coincided with a surge in shares: it is worth remembering that Musk and the Dogecoin community have had a particularly intense and positive relationship, and therefore the prospect of this purchase going through could affect DOGE's value.

Musk has supported DOGE multiple times over time and is collaborating with key cryptocurrency developers to enhance the token's potential. His previous remarks on Dogecoin also sent the token price skyrocketing. On the other hand, if the transaction is successful, it is possible that Dogecoin will be included as a payment option on the social network platform. It would be an evidently positive development for cryptocurrency ...

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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