The number of DOGE holders currently stands at 6.5 million, which is one of the most impressive numbers in the cryptocurrency markets. This number was reached on February 2, which was part of an impressive rise in the number of Dogecoin holders from 5.82 million on January 28 to 6.35 million on February 10. This is an approximately 10% increase in the number of holders, which is remarkable for a token of this size.

It is interesting to note that all this growth was followed by a rise in prices. However, from February 10 to March 4, Dogecoin prices rose from $0.081 to $0.1950, an increase of approximately 141%. There has been some pullback since then, leaving DOGE up 95% since the big move that started on February 26th.

However, although the number of shareholders rose at the beginning of February, it has been largely stable since the beginning of March. This is anything but on its own, but after a 140% price rise and a growing number of holders the stable number may mean that new money is not flowing into Dogecoin. Investors may be unsure whether the uptrend will continue.

Equity holders may create selling pressure

Many holders entered two weeks before the price rise, contributing to the high percentage of holders currently winning in DOGE.

There is an impressive count of over 5.24 million addresses, which coincidentally equals the total number of registered Dogecoin holders on November 24, 2023, in profit. They represent a whopping 84.75% of all shareholders. 12.28% of them are facing losses, while a small percentage of about 2.28% of them are at the break-even point.

Given that roughly 85% of addresses are currently making gains, it stands to reason that this could lead to significant selling pressure on DOGE. The rationale for this is that many of these holders may cash in on their gains and choose to sell their holdings in the coming days, thus realizing their investment positions.

The last time the percentage of profitable DOGE holders was higher than 80% was in May 2021. During that period, the percentage of profitable DOGE holders rose to a staggering 93%.

Subsequent activity during that time frame saw a significant market adjustment, with DOGE seeing a 67.86% correction over the following five weeks. This historical precedent suggests that current market conditions may mirror past results, resulting in a similar market response.