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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 results earlier today (January 10) with X, along with data showing that other major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP, Cardano ( ADA) and Chainlink (LINK), how successful in terms of new fund growth.
Dogecoin Hodlers On The Rise
“As 2025 started with rising prices of top crypto assets, the number of buyers has fluctuated significantly since the new year,” wrote Santiment on X, adding: “If the wallets rise quickly, the public is free from the project for a long time. If the wallets fall, it may there has been excessive FUD indicating a buying opportunity (as opposed to the panicking crowd).”
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Santiment’s chart shows that both Ethereum and XRP have seen significant owner gains in early 2025. The company saw a jump of +645K in Ethereum wallets, while XRP recorded +58K. Meanwhile, Bitcoin maintained a +102K bump, and Cardano saw a +2.8K low. Notably, Chainlink manager numbers dropped by 3.3K during the same period.
“XRP and Ethereum wallets keep increasing in value, Chainlink’s is decreasing, Cardano is finally showing a positive turn,” noted the on-chain analysis company. Trend line annotations show that XRP owners have grown by 1.0% since the beginning of 2025, Ethereum owners by 0.5%, and Cardano by 0.1%. In contrast, Chainlink fell by 0.5%. Although the chart does not show a specific number of Dogecoin, there is a clear and strong rise.
However, Santiment’s in-depth analysis shows a significant decrease in the overall trading volume in the entire crypto space from mid-December 2024. Meme coins such as Dogecoin, in particular, have been affected, due to a significant decrease in speculative trade. “Despite several developments, the overall trading volume of the cryptocurrency market has been declining since mid-December 2024,” Santiment explains.
The company reports that the daily trading volume of 10 cryptocurrencies has fallen by an average of 13% over the past two weeks, with Ethereum experiencing a steep decline of 17%. Exchanges such as Binance and Coinbase show spot trading down 15% and 12%, respectively, when analysts point to seasonal factors, reduced whale activity and uncertainty about upcoming regulatory changes.
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Another key metric highlighted by Sentiment is MVRV (Mean Value to Virtual Value), which tracks merchant returns. Currently, the 30-day returns for most active wallets across the top assets are in negative territory, suggesting potential opportunities for unscrupulous buyers. As reported yesterday, the MVRV of Dogecoin is -8.89%, indicating a “blood in the streets” moment.
“Among the top currencies and the majority of altcoins, regular traders who have been active in the past 30 days are down in their portfolios by a moderate amount… This means that adding to your position or opening a new position is statistically less risky than usual,” Santiment commented.
Looking ahead, Santiment emphasizes a multifaceted market environment influenced by regulatory changes, institutional strategies and varying levels of appetite. The company draws attention to pro-crypto sentiment in the incoming Trump administration, stricter regulations on global markets and the changing role of large investors (“whales”) in shaping price volatility.
“We recommend taking a closer look to see how the whales behave, and how much ‘blood is on the road,'” Santiment said. “Cryptocurrency is a zero-sum game, even if it often feels like a very active community all making and losing money together.”
DOGE technical image
From a technical perspective, Dogecoin has matched Bitcoin’s recent trend, finding a dip below key Fibonacci levels on the 4-hour chart. DOGE dropped below the $0.373 mark (0.5 Fibonacci level), considered a major support in the lower time frames, and tested the $0.346 threshold (0.382 Fib).
Price action finally found temporary relief at the 0.236 Fib line near $0.314, where DOGE climbed, and retraced Bitcoin’s return. Retrieving the 0.382 Fib (around $0.346) is important for restoring bullish momentum; failure to do so could open the door to further declines to $0.26—last seen on December 20, 2024.
The featured image was created with DALL.E, a chart from TradingView.com