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  • Dogecoin has added around 19% in value since its uptrend began.
  • The number of holders has remained the same since May.

Dogecoin [DOGE] has experienced an increase in value, in line with the overall cryptocurrency market. While it hasn’t yet reached the threshold that had raised expectations of reaching $1, it has provided DOGE holders with something to hold on to.

Read Dogecoin’s [DOGE] Price Prediction 2022-23

Dogecoin maintains a strong run despite decline

From 1 October to the present day, Dogecoin has seen an increase of more than 10% in its value, as indicated by its daily timeframe chart. Moreover, when we examine the period from the beginning of the current uptrend until now, DOGE has appreciated by over 19% in value.

A deeper analysis of its weekly trend revealed that it broke out of a multi-year descending triangle on 29 October. The trading session on that day closed with a gain of just under 1%. 

Source: TradingView

At the time of writing, DOGE was trading at approximately $0.06, reflecting a decrease of less than 1%. Despite this slight decline, the asset was still firmly entrenched in a strong bullish trend.

Also, it appeared that this dip has had minimal impact on the profitability of certain DOGE holders.

Dogecoin holders holding at a 100% profit

The recent upward trends in Dogecoin have had a remarkably positive impact on the profitability of some long-term holders.

According to Santiment’s 180-day Market Value to Realized Value ratio (MVRV), individuals in this group were holding assets that were over 100% more valuable than their initial investment. 

Dogecoin 180-day MVRV ratio

Source: Santiment

Also, at the time of this writing, the 180-day MVRV had surged to 141%. This indicated that those in this category have the potential to realize profits exceeding 100% if they decide to sell their holdings.

Additionally, it also suggested that they originally purchased their Dogecoin at a price lower than the current market value.

The number of holders stays flat

Throughout the various uptrends and downtrends that Dogecoin has encountered, one specific metric has remained constant. An examination of the total number of Dogecoin holders on Santiment revealed that this figure has remained unchanged since around May.

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As of press time, the total number of holders stood at approximately 4.8 million, a figure that was also observed around May. 

Dogecoin number of holders

Source: Santiment

If the current bullish momentum continues, there is a possibility that Dogecoin could be on a path toward reaching the $1 price range in the near future.

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