Have you noticed the recent surge in Dogecoin addresses increase? Over the past week, there has been a significant uptick in the creation of new Dogecoin addresses, with an impressive growth of over 35%. This development could be a sign of enhanced liquidity and trading activity, potentially driving up the value of the meme coin.
Increased Activity in Dogecoin Network
Not only has there been a surge in the creation of new Dogecoin addresses, but the number of active addresses has also shot up. In fact, the count of active addresses over the past seven days is nearing 1.3 million. This is a substantial increase compared to the average of around 450,000 before December 9th, and the previous peak of approximately 944,000 on December 1st.
Furthermore, Daily Active Addresses have seen a recent uptick, reaching around 166,000. Although there has been a slight drop from this peak, this number is still higher than the average of around 45,000 in the preceding months. These trends indicate a rise in activity and engagement within the Dogecoin network, which could potentially contribute to its growth.
Growth in Dogecoin Holders
Another positive development for Dogecoin is the consistent growth in the total number of its holders. From November to the present time, there has been a significant increase of over 400,000 holders. The current count stands at around 5.7 million, according to the latest data. The upward trend suggests that the number of holders may exceed the 6 million mark before the year ends.
Price Trend of Dogecoin
Despite the positive trends observed in Dogecoin’s on-chain metrics, its price trend is yet to align. Over the past week, the price has fluctuated. At the time of writing, DOGE was trading with a slight decline of less than 1%, extending the losses from the preceding trading session. Moreover, the Relative Strength Index (RSI) line remained above the neutral line, indicating a weakening of the bull trend for DOGE.
Keeping track of these trends and metrics can be challenging, but platforms like cryptoview.io can make it easier for you. This application provides real-time data and analysis, helping you make informed decisions about your cryptocurrency investments.
