Dogecoin (DOGE) has attracted close to 340,000 new holders in the last three months, despite a drop in its price. Despite a decrease of 15% in its price over the same period, the number of users with Dogecoin in their portfolio has increased by 7.57%. This trend indicates that investors still have faith in this meme-inspired cryptocurrency and its potential to yield rewards. CoinMarketCap data shows that on February 2, 2023 there were 4,484,703 unique addresses with Dogecoin, however on May 2, 2023 this number grew to 4,824,266 holders. This is indicative that more investors are buying Dogecoin despite its recent performance.

As of press time, Dogecoin is trading at $0.07832 and down 0.66% on the day and 4.25% in the last month. Although the price is still low compared to its high at the start of this year, when it traded at $0.09215, Dogecoin has nonetheless seen an 11.42% increase since January 1, 2023.

Currently, Dogecoin faces competition from other new meme-inspired digital coins. Pepe (PEPE), Floki (FLOKI), Tamadoge (TAMA), Baby Doge Coin (BABYDOGE), and Dogelon Mars (ELON) could all potentially overtake Dogecoin and Shiba Inu (SHIB) in the amount of trading volume and value gained in 2023.

It's clear that despite the negative sentiment associated with Dogecoin due to plummeting prices, investors still have faith in the currency and its growth potential. The rise in the number of Dogecoin holders indicates that although this strategy comes with increased risk, the upside potential may be worth it to some. Investors should always practice caution when investing and be aware of the volatility of the crypto markets.



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