Dogecoin (DOGE) has received more than 29,000 new wallets since January 1, according to on-chain analytics firm Santiment. The company shared its results earlier today (January 10) via X, along with data showing how other major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) , XRP, Cardano (ADA) and Chainlink (LINK), have succeeded in the growth of new wallets.
Dogecoin Hodlers Are Rising
“As 2025 has begun with roller coaster prices for major crypto assets, the number of holders has skyrocketed since the new year,” Santiment writing via X, says: “If wallets are rising quickly, the community is comfortable with the project in the long term. If wallets are falling, there may be too much FUD that indicates a buying opportunity (which is against the panic crowd). “
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Santiment chart shows that both Ethereum and XRP have seen huge gains from holders at the beginning of 2025. The company saw a jump of +645K in Ethereum wallets, and XRP chart +58K. Meanwhile, Bitcoin maintained a bump of +102K, while Cardano gave a smaller climb of +2.8K. Notably, the number of Chainlink holders has dropped by 3.3K in the same time frame.
“XRP and Ethereum wallets continue to grow in number, Chainlink's is decreasing, Cardano's is finally showing a positive turn,” said the chain analysis company. Trend line indicators show that XRP holders have grown by 1.0% since the beginning of 2025, Ethereum holders by 0.5%, and Cardano by 0.1%. In comparison, Chainlink has decreased by 0.5%. Although the chart does not show a specific number for Dogecoin, there is a clear and strong rise.
However, Santiment's deep analysis indicating a significant decrease in overall transaction volumes across the crypto landscape since mid-December 2024. Meme coins like Dogecoin, in particular, have been affected, seeing a significant decrease in speculation-driven trades. “Despite several supportive developments, overall trading volumes across the digital currency market have been declining since mid-December 2024,” Santiment explains.
The company reports that daily trading volume for the top 10 cryptocurrencies has fallen by an average of 13% over the past two weeks, with Ethereum experiencing the steepest decline with 17%. Exchanges such as Binance and Coinbase showing spot trade volumes down 15% and 12%, respectively, which analysts attribute to seasonal factors, reduced whaling activity and uncertainty over upcoming regulatory changes.
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Another key metric identified by Santiment is MVRV (Mean Value to Total Value), which tracks the average returns of traders. Currently, the 30-day returns for most active wallets across major assets are in negative territory, suggesting potential opportunities for contrarian buyers. As reported yesterday, Dogecoin's MVRV is -8.89%, showing a “blood in the streets” era..
“Among the top caps and most altcoins, average traders active over the past 30 days are down in their charts by a fairly large margin…” Santiment noted.
Looking forward, Santiment emphasizes a multifaceted market environment influenced by regulatory changes, institutional strategies and varying levels of risk appetite. The company points to pro-crypto sentiment in earnings the Trump administrationtighter regulations in global markets and the evolving role of large investors (“whales”) in shaping price dynamics.
“We recommend watching closely to see how the whale's behavior is going out, and how much 'blood is on the street,'” said Santiment. “Cryptocurrency is a no-sum game, even if it often feels like the most optimistic community is all making and losing money together. “
DOGE technical drawing
From a technical point of view, Dogecoin has mirrored Bitcoin's path recently, experiencing a drop below the crucial Fibonacci levels on the 4-hour chart. DOGE slipped below the $0.373 mark (0.5 Fibonacci level), considered a major support in lower time frames, and then tested the $0.346 threshold (0.382 Fib).
The last price action found a temporary relief at the 0.236 Fib line near $0.314, where DOGE bounced, again tracking Bitcoin's rebound. Retrieving the 0.382 Fib (around $0.346) is critical to regaining bullish momentum; failure to do so could open the door to another decline towards $0.26 – last seen on December 20, 2024.
Featured image created by DALL.E, a chart from TradingView.com
