Dogecoin (DOGE) has gained more than 29,000 new wallets since January 1, according to on-chain analytics 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), Chainlink (LINK), have performed in terms of further portfolio growth.
Dogecoin Hodlers on the rise
“While 2025 kicked off with rollercoaster prices for major crypto assets, the number of hodlers has fluctuated wildly since the new year,” Santiment writing via If portfolios are falling, there may be excess FUD which indicates a buying opportunity (against the panicked crowd).
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Santiment’s chart indicates that Ethereum and XRP saw significant gains for their holders in early 2025. The company observed a +645K jump in Ethereum wallets, while Meanwhile, Bitcoin maintained a +102K rise and Cardano recorded a more modest +2.8K rise. Notably, the number of Chainlink holders dropped by 3.3K during the same period.
“XRP and Ethereum wallet counts continue to grow, Chainlink wallets fall, Cardano wallets finally show positive turnaround,” the on-chain analytics firm noted. Trendline annotations show that XRP holders have increased by 1.0% since the start of 2025, Ethereum holders by 0.5%, and Cardano by 0.1%. On the other hand, Chainlink fell by 0.5%. Although the chart does not show a specific number for Dogecoin, there is a clear and strong uptrend.
However, Santiment in-depth analysis highlights a notable decrease in overall trading volumes across the crypto landscape since mid-December 2024. Meme coins like Dogecoin, in particular, have been affected, leading to a drastic reduction in speculative trading. “Despite several bullish developments, overall transaction volumes in the cryptocurrency market have been declining since mid-December 2024,” explains Santiment.
The company reports that daily trading volume for the top 10 cryptocurrencies has fallen an average of 13% over the past two weeks, with Ethereum seeing the biggest drop at 17%. Exchanges such as Binance and Coinbase show spot trading volumes down 15% and 12%, respectively, which analysts attribute to seasonal factors, reduced whale activity and uncertainty over impending regulatory changes.
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Another key metric highlighted by Santiment is MVRV (Mean Value to Realized Value), which tracks traders’ average returns. Currently, the 30-day returns of most active portfolios across major assets are in negative territory, suggesting potential opportunities for contrarian buyers. As reported yesterday, Dogecoin’s MVRV is at -8.89%, showing a “Blood in the streets” moment.
“Among top caps and the vast majority of altcoins, average traders active in the last 30 days are down in their portfolios by a fairly significant margin… This means adding to your position or opening a new position is mathematically less risky than usual,” Santiment noted.
Looking ahead, Santiment emphasizes a multifaceted market environment influenced by regulatory changes, institutional strategies and varying degrees of risk appetite. Company draws attention to pro-crypto sentiment in coming months Trump administrationstricter regulations in global markets and the evolving role of large-scale investors (“whales”) in price dynamics.
“We recommend closely observing the behavior of the whales and the amount of blood on the street,” Santiment said. “Cryptocurrency is a zero-sum game, although it often feels like the largely optimistic community is winning and losing money together.”
Technical image of DOGE
From a technical perspective, Dogecoin has mirrored Bitcoin’s recent trajectory, experiencing a fall below crucial Fibonacci levels on the 4-hour chart. DOGE slipped below the $0.373 mark (0.5 Fibonacci level), seen as major support in lower time frames, and then tested the $0.346 threshold (0.382 Fibonacci).
Price action finally found temporary relief at the 0.236 Fib line near $0.314, where DOGE rebounded, again tracking Bitcoin’s rebound. Reclaiming the 0.382 Fib level (around $0.346) is key to regaining bullish momentum; failure to do so could open the door to further declines to $0.26 – last seen on December 20, 2024.
Featured image created with DALL.E, chart from TradingView.com