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Dogecoin (DOGE) has gained more than 29,000 new wallets since January 1, according to on-chain analysis firm Santiment. The company shared its findings earlier today (January 10) via X, along with data showing how other major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, and Cardano (ADA), are faring. And Chainlink (LINK), in terms of performance. New portfolio growth.
Dogecoin Hodlers are on the rise
“With 2025 starting with volatile prices for top crypto assets, their holding numbers have fluctuated significantly since the new year,” Santiment said. He writes X expressed, adding: “If portfolios go up quickly, the community feels comfortable in the project in the long term. If portfolios decline, there may be some excess FUD that signals a buying opportunity (as opposed to a panicked public).”
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Santiment’s chart indicates that both Ethereum and Meanwhile, Bitcoin maintained a rise of +102K, and Cardano made a more modest rise of +2.8K. Notably, Chainlink holder numbers decreased by 3.3K in the same time frame.
“XRP and Ethereum wallets continue to grow in number, while the Chainlink wallet is declining, and the Cardano wallet is finally showing a positive shift,” the on-chain analytics firm noted. The trend line annotations show that XRP holders grew by 1.0% since the start of 2025, Ethereum holders by 0.5%, and Cardano holders by 0.1%. In contrast, Chainlink stock fell by 0.5%. Although the chart does not show a specific number for Dogecoin, there is a clear and strong uptrend.
However, santement In-depth analysis It indicates a notable decline in overall trading volumes across the cryptocurrency landscape since mid-December 2024. Cryptocurrencies like Dogecoin, in particular, have been affected and have seen a sharp decline in speculative trades. “Despite several bullish developments, overall trading volumes across the cryptocurrency market have been declining since mid-December 2024,” Santiment explains.
The company reported that the daily trading volume of the 10 largest cryptocurrencies has fallen by an average of 13% over the past two weeks, with Ethereum experiencing the largest decline of 17%. Exchanges like Binance and Coinbase are showing declines in spot trading volumes of 15% and 12%, respectively, which analysts attribute to seasonal factors, diminished whale activity and uncertainties regarding impending regulatory changes.
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Another key metric highlighted by Santiment is MVRV (Mean Realized Value), which tracks a trader’s average returns. Currently, the 30-day returns for most active portfolios across top assets are in negative territory, indicating potential opportunities for contrarian buyers. As reported yesterday, Dogecoin’s MVRV was -8.89%, signifying a “blood in the streets” moment.
“Among the cap and vast majority of altcoins, the average active traders over the past 30 days have reduced their portfolios by a fairly large margin… This means that adding to your position or opening a new position is less mathematically risky than usual.” “Santiment noted.
Looking to the future, Santiment emphasizes a multi-faceted market environment influenced by regulatory changes, corporate strategies and varying degrees of risk appetite. The company draws attention to the pro-crypto sentiment of the incoming Trump administration, stricter regulations in global markets and the evolving role of large-scale investors (“whales”) in shaping price dynamics.
“We recommend watching closely to see how the whales behave, and how much blood is on the street,” Santiment said. “Cryptocurrencies are a zero-sum game, even if it often seems as if the mostly bullish community wins and loses money together.”
Technical image of DOGE
From a technical perspective, Dogecoin mirrored Bitcoin’s recent trajectory, seeing a decline below crucial Fibonacci levels on the 4-hour chart. DOGE slid below the $0.373 mark (0.5 Fib level), which is considered a key support in lower time frames, and then tested the $0.346 (0.382 Fib) threshold.
The price action eventually found temporary relief at the 0.236 Fib line near $0.314, where DOGE rebounded, once again tracking Bitcoin’s recovery. Reclaiming the 0.382 Fibonacci level (~$0.346) is crucial to regaining bullish momentum; Failure to do so could open the door to further declines towards US$0.26, which was last seen on December 20, 2024.
Featured image created with DALL.E, a chart from TradingView.com