Dogecoin: Can it remain socially relevant, despite DOGE’s holders

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Doge­coin has been ridiculed in the past for the lack of devel­op­ment on its net­work. For­tu­nate­ly, the team is fix­ing that as devel­op­ment activ­i­ty has gone up of late. How­ev­er, in the process, it might have lost track of its investors, who have pret­ty much gone berserk since.

Dogecoin investors on a trip

Start­ing from Octo­ber, DOGE investors have been exhibit­ing some inter­est­ing behavior.

First of all, the anom­aly of 7 Novem­ber can also be seen with DOGE. The ran­dom spike in investors seen for all oth­er alt­coins was also vis­i­ble for DOGE, with 1.9 mil­lion address­es being added in 24 hours.

Doge­coin address­es with bal­ance | Source: Intothe­block – AMBCrypto

Inter­est­ing­ly, dur­ing that peri­od, trans­ac­tion vol­ume also jumped to $11 bil­lion. That was thrice the aver­age of Dogecoin’s vol­ume, con­firm­ing that the increase in address­es was organ­ic. Ergo, the event that caused it is yet to be identified. 

Doge­coin trans­ac­tion vol­umes | Source: Intothe­block – AMBCrypto

How­ev­er, the more inter­est­ing devel­op­ment par­tic­u­lar to Doge­coin is that just before Novem­ber began, Doge­coin lost a chunk of its mid-term hold­ers and long-term holders. 

The cohorts hold­ing DOGE from 3 months to 3 years were the ones that saw all the reduc­tion and cumu­la­tive­ly, 24% of all DOGE sup­ply held with these cohorts was lost.

Doge­coin MTH-LTH investors sell | Source: Intothe­block – AMBCrypto

The pri­ma­ry rea­son behind these investors sell­ing was the 26% hike on 29 Octo­ber. This sold sup­ply was picked up by 1‑day and 1‑week hold­ers as their sup­ply increased by 31% in just 48 hours. How­ev­er, with­in a week, this sup­ply went into the hands of 1‑week to 1‑month hold­ers who cur­rent­ly hold 46 bil­lion DOGE (35% of all supply).

Doge­coin STH MTH investors recov­er | Source: Intothe­block – AMBCrypto

Where was the DOGE team all this while?

For­tu­nate­ly, right now, HODLing is build­ing up again. It looks like investors have calmed down since some lev­el of dor­man­cy can be observed from its on-chain statistics.

How­ev­er, the DOGE team is active­ly focus­ing on mak­ing Doge­coin more vis­i­ble and viable. The devel­op­ment team con­tin­ues to active­ly push out updates frequently.

Sec­ond­ly, by join­ing the #Team­Seas move­ment, DOGE aims to improve its social pres­ence as well. With over 119k DOGE donat­ed in 4 days, the effort has paid back as the social vol­umes, dom­i­nance, and sen­ti­ment have all risen.

Doge­coin dona­tions for #Team­Seas | Source: Doge­coin

Sim­ply put, Doge­coin con­tin­ues to make sure it remains social­ly rel­e­vant, regard­less of what­ev­er its investors do.

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