Dogecoin, although held around the price range of $0.21 to $0.23, has seen an increase in users thanks to the acceptance of cryptocurrency investors from all backgrounds. Notably, on-chain data shows that Dogecoin has now surpassed 8 million in the number of addresses holding a non-zero balance.

On-chain analysis from Santiment shows that Dogecoin has increased from about 6.9 million holders at the beginning of 2025 to the most recent milestone of 8 million holders. Only Ethereum and Bitcoin surpass Dogecoin in terms of user base size.

The Number of Dogecoin Holders Continues to Skyrocket

The momentum driving the popularity of Dogecoin shows no signs of slowing down, with the number of addresses holding this famous cryptocurrency now exceeding 8 million. This trend stems from the fact that this cryptocurrency is increasingly becoming the preferred asset for many retail traders.

This, in turn, has seen the number of Dogecoin holders continue to rise sharply this year, especially as retail investors begin to shift away from other large market cap cryptocurrencies like Bitcoin, which many now consider to be the cryptocurrency for institutions.

Although Dogecoin also saw strong growth in the number of holders in 2024, the growth rate in 2025 is far outpacing the trend of 2024. To compare, it took an entire year to add 1 million new DOGE holders in 2024, whereas in 2025, the same number took less than eight months. This is a significant increase from about 6.9 million holders at the beginning of 2025.

The latest figures show that Dogecoin is leading other large market cap cryptocurrencies like Cardano (ADA), Chainlink (LINK), and XRP, as well as major stablecoins like USDT and USDC, in terms of total number of holders. Only Ethereum, with about 148 million addresses, and Bitcoin, with about 55 million, surpass the acceptance level of Dogecoin.

DOGE Whales Continue to Accumulate

The steady increase of new Dogecoin addresses is supported by a corresponding rise in accumulation activity from whales. Transaction data indicates that large wallets have added billions of Dogecoin in recent weeks.

For instance, recent on-chain data shows that wallet addresses holding from 100 million to 1 billion Dogecoin have recently added about 2 billion Dogecoin, worth $448 million, to their holdings in just one week. At the organizational level, Bit Origin has drawn attention after committing $500 million to the Dogecoin fund last month when the price fluctuated around $0.24.

Technical traders are also paying close attention. An analyst nicknamed Trader Tardigrade has pointed out that the current chart setup of DOGE is approaching the final consolidation phase before a price surge appears on the daily candle chart. If this price surge occurs, the analyst predicts the price will rise to $0.41 after breaking out of the triangular consolidation pattern.

Interestingly, a longer-term analysis from the same analyst on the monthly candle chart shows that Dogecoin has established a support base and is ready for the next price surge which could reach up to $4.