On-chain data shows the Dogecoin user base has grown to nearly 8 million recently. Here’s how other major assets like XRP and Bitcoin compare.

On-chain data shows the Dogecoin user base has grown to nearly 8 million recently. Here’s how other major assets like XRP and Bitcoin compare.

On-chain analytics firm Santiment has shared how various top coins compare in terms of Total Amount of Holders.

This indicator measures, as its name suggests, the total number of addresses that are carrying some non-zero balance on a given network. When the value of this metric rises, it can have a number of underlying causes. New investors coming into the network and old ones who had sold earlier returning, both result in an increase for the indicator. Existing users creating fresh wallets to distribute their holdings or for privacy purposes can also naturally contribute to this trend.

In general, all of these factors could be assumed to simultaneously be at play whenever the Total Amount of Holders goes up. As such, some net adoption takes place alongside this trend.

For any cryptocurrency, adoption is something that tends to be constructive, as a wider user base can provide for a more solid foundation for the asset to grow on in the future. Usually, though, the positive effects of it only end up being visible in the long term.

Now, here is the chart shared by the analytics firm that shows the trend in the Total Amount of Holders for eight top digital assets: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Tether (USDT), and USD Coin (USDC).

As displayed in the above graph, the Total Amount of Holders has steadily been going up for all of these assets recently, which suggests adoption has been occurring across the top coins.

One asset, however, stands out for its particularly sharp growth: Dogecoin. From the chart, it’s visible that the memecoin saw the indicator go through a steep climb last month, indicating that users opened up a large amount of DOGE wallets inside a narrow window of time. That said, while this was a very sharp jump, the indicator has more or less plateaued for the asset since then.

The Dogecoin network now has 7.97 million holders. This makes the cryptocurrency the third largest on this list, ahead of USDC’s 7.79 million and XRP’s 6.53 million.

The memecoin is still only the “king of the rest,” though, as both Bitcoin and Ethereum are many times larger. ETH, especially, boasts an impressive 148.38 million non-empty addresses, outweighing BTC by a factor of nearly 3.

At the time of writing, Dogecoin is trading at $0.185, down almost 3% over the past week.