Since the beginning of the year, Dogecoin (DOGE) has seen a surge of over 29,000 new wallets, according to data from on-chain analysis company Santiment. The firm shared this information today (January 10) via X, along with insights on the growth of new wallet numbers for various major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Chainlink (LINK).
Increasing Number of Dogecoin Hodlers
Santiment noted that the fluctuating prices of top cryptocurrencies in 2025 have led to significant changes in the number of hodlers since the start of the year. The firm stated that a rise in wallets signifies confidence in the project for the long term, while a drop may indicate an opportunity to buy amidst fear, uncertainty, and doubt (FUD).
According to Santiment’s analysis, Ethereum and XRP have experienced notable increases in holder numbers at the beginning of 2025. Ethereum saw a jump of +645K wallets, while XRP recorded an increase of +58K. Meanwhile, Bitcoin witnessed a rise of +102K wallets, Cardano showed a modest climb of +2.8K wallets, and Chainlink saw a decrease of 3.3K holders.
The analytics firm highlighted that XRP and Ethereum wallets continue to grow, while Chainlink holders have been declining. Cardano’s numbers are showing a positive trend. The trend lines indicated a 1.0% increase in XRP holders, 0.5% in Ethereum holders, and 0.1% in Cardano holders since the beginning of 2025. Conversely, Chainlink holders decreased by 0.5%. Though Dogecoin’s specific number of new wallets was not disclosed, there is a clear upward trend.
However, Santiment’s detailed examination highlighted a decrease in trading volumes across the cryptocurrency market since mid-December 2024. Meme coins like Dogecoin have been specifically impacted, with a significant drop in speculative-driven trades. Despite positive developments, trading volumes have been on the decline overall.
Among the top 10 cryptocurrencies, daily trading volumes have decreased by an average of 13% in the last two weeks, with Ethereum leading the decline at 17%. Popular exchanges such as Binance and Coinbase have also experienced drops in spot trading volumes, attributed to seasonal factors, reduced whale activity, and uncertainties surrounding regulatory changes.
Another important metric focused on by Santiment is MVRV (Mean Value to Realized Value), indicating average trader returns. With most active wallets experiencing negative returns over the past month, there may be opportunities for contrarian buyers. Dogecoin, in particular, is currently at a “blood in the streets” moment with an MVRV of -8.89%.
Despite the challenges, Santiment highlights the evolving market influenced by regulatory shifts, institutional strategies, and risk appetites. With ongoing developments to monitor, Santiment suggests observing whale behavior and the perceived risk levels within the cryptocurrency landscape.
From a technical viewpoint, Dogecoin has closely followed Bitcoin’s recent movements, dipping below key Fibonacci levels on the 4-hour chart. The $0.373 support level was breached, testing the $0.346 threshold before finding temporary relief near $0.314. Reclaiming the $0.346 level is crucial for bullish momentum, else a drop towards $0.26 could be on the horizon.
