Dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) is closing in on a major adoption milestone, that of 8 million holders.

According to on-chain analytics firm Santiment, Dogecoin had 7.97 million holders, putting it among the most widely adopted cryptocurrencies in the market.

Among major cryptocurrencies, Dogecoin led the way in terms of holder count, followed by Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC), which had 148.38 million and 55.39 million holders, respectively.

"As crypto markets attempt to rally at the end of the work week, crypto networks continue to grow over time. Here are the total amount of holders for select top caps:

Ethereum $ETH: 148.38M Holders

Bitcoin $BTC: 55.39M Holders

Dogecoin $DOGE: 7.97M Holders

Tether $USDT: 3.03M Holders

Solana $SOL: 2.02M Holders

What to expect for Dogecoin price?

Following an early sell-off, the larger crypto market appears to be attempting a relief rally around the end of the workweek. Dogecoin was not exempt from the rebound, rising 4.02% in the last 24 hours to $0.187.

DOGE rebounded on Friday after a three-day drop, which hit lows of $0.168, and the recovery continued on Saturday.

Analysts now see $0.20, which coincides with the daily SMA 50, as an intermediate resistance level for DOGE. If Dogecoin breaks above that level on high volume, the increasing holder count may enhance upward momentum.

Dogecoin continues to swing in a wide range between $0.14 and $0.26. The next trending move could start with a breach below $0.14 or over $0.26. If the $0.14 level falls, Dogecoin might plummet to $0.10. On the upside, a break above $0.26 may send Dogecoin to $0.38.