SnapBots News Review-Dogecoin Adoption and Trading Reaches Record Level
Dogecoin is becoming popular again, with new investors increasing their share of supply from 9% in July 2020 to 25% in August 2021.
Since its launch in 2013, Dogecoin price has mainly increased during three periods: in early 2016 when there was an incremental price change, in 2017, and in May 2021 when Dogecoin reached its highest price to date.
As per the popular stock trading app, Robinhood, crypto accounts for more than half of all transaction-based revenues, which is around $451 million in 2021. This is compared to $187 million in the same period last year, with an exponential increase of 141%. Of which, Dogecoin makes up 62% of the crypto trading volume.
There are 4 million on-chain Doge holders and 106 billion Doge. 82% of the supply is held by 535 entities that hold more than 10 million Doge each. Out of 106 billion, 37 billion Doge is held by just 31 investors that have held their Doge from between 6 months and 2 years. These are mainly the early investors or exchanges that store Doge on behalf of traders.
Out of 4 million Doge holders, 2.1 million entities hold less than 100 Doge each, half them holding the meme cryptocurrency for more than two years.
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