Dogecoin
How Litecoin, Dogecoin are winning the altcoin adoption race
There has been a rise in user adoption of altcoins like Litecoin and Dogecoin.
- Litecoin and Dogecoin lead in user adoption in altcoins with the highest number of non-empty wallets.
- Chainlink shows potential for growth, mirroring Ethereum’s past price trajectory.
The altcoin market cap has been quite on a rollercoaster so far. Following a recent spike to $1.082 trillion on the 21st of July, the global altcoin market cap has now dipped to as low as $1 trillion on the 25th of July.
Although, there appears to be a slight rebound, with the market cap sitting back above $1 trillion.
Amid all this, Santiment, a cryptocurrency market intelligence platform, has
revealed “the 10-year chart of notable altcoins and the amount of non-empty wallets (hodlers) on their respective networks”Altcoin adoption: Who’s leading, who’s not?
Litecoin and Dogecoin [DOGE] have emerged as leaders in user adoption among major altcoins, demonstrating a robust and growing community of holders.
The data, provided by Santiment, a cryptocurrency market intelligence platform, highlights the enduring appeal and expanding user base of these digital currencies.
Litecoin, often dubbed “Bitcoin’s silver,” leads with approximately 8.08 million non-empty wallets, indicating its widespread acceptance among investors.
Dogecoin follows closely with 6.69 million non-empty wallets, showcasing strong user engagement despite its origins as a meme coin.
Santiment’s 10-year chart analysis also reveals significant growth in the number of non-empty wallets across several altcoins, signifying increased user adoption.
XRP and Cardano are notable mentions, with 5.24 million and 4.48 million wallets respectively, reflecting their solid foothold in the market. Additionally, Shiba Inu [SHIB], another popular meme coin, boasts 1.39 million wallets, underscoring its popularity.
Source: Santiment
A surge for LINK and DOGE on the horizon?
The discussion around altcoins often extends to their potential market trajectories. For instance, Chainlink, which currently has 722,000 non-empty wallets, trades at about $13.02, reflecting a 5.7% decline in the past day.
However, analysts are drawing parallels between Chainlink’s current chart pattern and Ethereum’s trajectory in 2021, when it saw a substantial increase.
One analyst expressed that the LINK chart aligning with that of Ethereum makes him even more bullish on Chainlink.
Source: Commander Sui on X
Dogecoin, on the other hand, was trading at $0.1249, reflecting a 6.4% decline at press time. Crypto analyst Ali shared his strategy, stating that he hasn’t sold any DOGE but he has been accumulating. The analyst added:
“Dogecoin is playing the same pattern we’ve seen before. It consolidates in a descending triangle, sees a 140% to 230% rally, and retraces by 56% to 60% before entering a bull run. So now we just wait!!!”
Meanwhile, CryptoQuant data indicates that both Chainlink and Dogecoin have neutral Relative Strength Index (RSI) readings.
Chainlink (LINK) RSI. Source: CryptoQuant
Specifically, Chainlink’s RSI stands at 55, suggesting a balance in buying and selling pressures, while Dogecoin’s RSI is slightly higher at 65.
Despite this, AMBCrypto previously reported that a majority of Dogecoin holders are still “in the money” from their DOGE investments.
Dogecoin RSI. Source: CryptoQuant
