According to a prominent analytics company, tens of billions of Dogecoin (DOGE) are now in the hands of investors who intend to keep the cryptocurrency for the long term. As per the current statistics, the number of individuals planning to hold onto the famous joke cryptocurrency Dogecoin for the long run has been steadily increasing since 2023.
According to IntoTheBlock, hodlers, or entities that have kept the crypto asset for more than a year, now hold 44,800,000,000 DOGE, worth more than $3.76 billion. This chunk of people covers almost 75% of all Dogecoin wallets and the number of DOGE hodlers has reached an all-time high of 3.18 million addresses. It is selling for $0.078675 at the time of writing.
Despite a mere 5.5% increase in the last week, IntoTheBlock statistics indicate that more than 60% of Dogecoin holders are profiting from their investments, while approximately 34% are losing money. According to the data company, long-term DOGE supply is at its most significant level since October 2021, when Dogecoin sold at around $0.30.
Elon Musk’s attorneys recently submitted a petition in Manhattan federal court to reject a complaint accusing the Tesla CEO of running a pyramid scam to shore up Dogecoin, according to Reuters on Friday. The case filed by Dogecoin investors is a “fanciful work of fiction” based on his “innocuous and often silly tweets” about the meme currency, according to a court document late Friday.
The increase in the number of long-term DOGE holders comes as the top meme-coin has shown indications of vitality in recent days. Dogecoin increased nearly 20% from a weekly low of $0.071 on March 28th to a high of $0.085. With a 7% gain to $0.082 on Sunday, many are asking if the meme coin will eventually pass the $1 threshold this week. The currency grew by about 20% from its weekly low of $0.071 on March 28 to its high of $0.085 on April 5.
DOGE’s recent price rise has rekindled investor interest and sparked questions about whether the cryptocurrency can set new records in the coming days. Since the beginning of the year, the pattern shows that DOGE’s investor base has been gradually growing.