Dogecoin Outperforms XRP, ADA in Crucial Metric in Past 6 Months: Report
Release: 2024/05/03 17:04 Reading: 394
Cover image via U.Today
On-chain data aggregator Santiment announces a surge in whale activity over the past six months. The original meme cryptocurrency, DOGE, has outperformed XRP, ADA, and several other major altcoins.
DOGE has also outperformed Bitcoin and Ethereum, though not significantly. Both Bitcoin and Toncoin have reached new highs.
Bitcoin Wallets Reach ATH, but TON Expands Faster
A tweet published today reveals that Bitcoin, the world's largest and primary cryptocurrency, has achieved an all-time high in non-empty addresses, reaching 53.85 million wallets in the past six months.
Toncoin (TON) wallets have surged to 16,800. However, this network has been growing at a significantly faster pace than BTC.
DOGE Outperforms ADA, XRP
Santiment's report indicates that TON has the highest percentage growth, with a massive 110% increase, resulting in a total of 16,800 non-zero wallets over the past half year.
Dogecoin follows with a 27% growth, reaching a milestone of 6.6 million wallets. Bitcoin and Ethereum have seen modest increases of 10% and 11%, respectively, with the number of their wallets rising to 53.9 million and 120.7 million.
? Sorted by greatest growth in the past 6 months, here is the net change of non-empty wallets among top market caps in #crypto (apologies to #BinanceCoin and #Solana, not pictured in this study):
?#Toncoin $TON 16.8K wallets (+110% growth)
? #Dogecoin $DOGE 6.6M wallets…
XRP and ADA rank below Bitcoin in terms of growth. XRP non-empty wallets have increased by 7% (5.2 million in total), while ADA's growth remains at 0%, with the Cardano chain maintaining 4.5 million non-zero wallets.
Analyst Predicts Massive DOGE Bull Run
Cryptocurrency analyst and trader Ali Martinez, who has recently gained popularity on the X platform, has shared his expectation of a DOGE bull run. He has published a thread to elaborate on his prediction.
Martinez explains that the current correction in Dogecoin is typical for the meme coin and has been observed before DOGE entered previous bull runs.
Now, in 2024, #DOGE has yet again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run!
He references 2017, when DOGE broke out of a descending triangle pattern and experienced a 40% dip before embarking on a 982% bull run. A similar scenario occurred in 2021, with a 56% retracement preceding a 12,197% surge and an all-time high. Dogecoin has now broken out of a similar pattern and is anticipated to trigger another bull run.
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