Despite Dogecoin's price range lingering between $0.21 and $0.23, its user base continues to grow, favored by various cryptocurrency investors. Notably, on-chain data shows that the number of non-zero balance addresses for Dogecoin has exceeded 8 million.
On-chain analysis from Santiment shows that the number of Dogecoin holders has grown from about 6.9 million at the beginning of 2025 to a recent 8 million. In terms of user base, only Ethereum and Bitcoin surpass Dogecoin.
The number of Dogecoin holders continues to soar
The momentum for Dogecoin's popularity shows no signs of slowing down, with the number of addresses holding this meme cryptocurrency now exceeding 8 million. This trend among Dogecoin holders stems from the cryptocurrency increasingly becoming the preferred asset for many retail investors. This, in turn, has led to a continuous surge in the number of Dogecoin holders this year, especially as retail investors have begun shifting from other high-market-cap cryptocurrencies like Bitcoin (which many view as the preferred crypto for institutional investors) to Dogecoin.
Although the number of Dogecoin holders saw significant growth in 2024, the growth rate in 2025 surpassed the trend of 2024. Specifically, it took Dogecoin a whole year in 2024 to gain an additional 1 million holders, whereas in 2025, this milestone was reached in less than 8 months. Compared to about 6.9 million holders at the beginning of 2025, this represents substantial growth.
Latest data shows that the total holdings of Dogecoin far surpass other major cryptocurrencies by market cap, such as Cardano (ADA), Chainlink (LINK), and Ripple (XRP), as well as mainstream stablecoins like USDT and USDC. Only Ethereum (about 148 million addresses) and Bitcoin (about 55 million addresses) have higher adoption rates than Dogecoin.
DOGE whales continue to accumulate
The steady growth in the number of new Dogecoin addresses is attributed to the corresponding increase in holdings by large whales. Transaction data shows that in recent weeks, large wallets have added billions of Dogecoins. For instance, recent on-chain data indicates that wallet addresses holding 100 million to 1 billion Dogecoins recently added about 2 billion Dogecoins within a week, valued at $448 million. On the institutional level, Bit Origin injected $500 million into its 'vault' last month when Dogecoin's price hovered around $0.24, making headlines.
Technical traders are also keeping a close eye. An analyst known as 'Trader Tardigrade' noted that Dogecoin's current chart pattern is approaching the final stage of consolidation, after which a rise is expected on the daily chart. If Dogecoin rises, this analyst anticipates it will increase to $0.41 after breaking out of the triangular consolidation pattern.
Interestingly, the same analyst's long-term analysis of the monthly candlestick chart timeframe indicates that Dogecoin has established a support base and is poised for the next bullish run, potentially reaching up to $4.
At the time of writing, the trading price of Dogecoin is $0.222, up 4.3% in the past 24 hours.
