As the price of Bitcoin (BTC) continues to fluctuate below the $100,000 price mark, altcoins like Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), and XRP are also in the spotlight. According to data insight from Santiment, the number of HODLers for these altcoins has fluctuated thus far this new year. The crypto analytics platform hinted at the implication of the HODLer count within each protocol’s ecosystem.
Santiment profiled six digital currencies, including the aforementioned Bitcoin and Chainlink. While Chainlink underperformed with 3,300 drops in hodler wallets, Ethereum and XRP stood out.
The shared data showed that Ethereum had recorded a 645,000 uptick in its hodler wallets. This figure underscores its dominance as the top altcoin among retail investors. XRP followed closely with a total hodler wallet recording a 58,000 count since the start of the year.
Ranking as the only meme cryptocurrency profiled by Santiment, Dogecoin has seen a 29,000 jump in investors holding it for the long term. Cardano scored the lowest figure, with just 2,800 wallets committing to long-term growth.
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It is worth noting that the term ‘HODLer’ denotes token holders with plans to hold their assets in the long term. As the data provider hinted, when the hodler count grows, investors or the community will be comfortable with the project. This can aid ecosystem stability and long-term token growth.
The opposite is true when the hodler count drops as investors focus on Fear, Uncertainty, and Doubt (FUD).
Despite the ongoing bull cycle, fluctuations have shown how volatile and uncertain the market is. As reported earlier by Coingape, ETH price lost 9% of its value in under 24 hours, a trend visible in other altcoins.
Amid this uncertainty, investors focus on crypto developer activity, and other utilities focus beyond price. While Ethereum developers are working on the Pectra Upgrade, Ripple Labs launched RLUSD stablecoin to boost XRP liquidity.
Input Output Global developers are also working on perfecting the Cardano community governance. In all, Dogecoin might take more of the spotlight in the altcoin market in the long term.
This is based on the Elon Musk-led Department of Government Efficiency (D.O.G.E), which might fuel DOGE popularity. These ecosystem trends might explain why more users are betting on the altcoin’s long-term prospects.
Amid the fluctuations of the past few weeks, experts believe the altcoin season is still ahead. Galaxy Research said the DOGE price will top $1 this year in its projections. The Mike Novogratz-associated firm tied this forecast to the D.O.G.E ties around the coin.
Top experts also believe this year holds something big for Ethereum. Bitwise predicted that Ethereum would hit a new all-time high this year, and the asset manager said it is possible for Ethereum to reach $7,000 by the end of the year.
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