Bitrabo Editorial
The dog-themed cryptocurrency, Dogecoin (DOGE), has seen a significant increase in activity in the last 24 hours. Data from CoinMarketCap shows a 35% rise in trading volume during this period.
Moreover, insights from IntoTheBlock reveal a surge in activity among DOGE addresses. The number of daily active addresses has reached 55,440, marking the highest count of daily DOGE active addresses within a 30-day timeframe.
Rise in Dogecoin Active Addresses by 32%
Over the past week, daily active addresses on DOGE have witnessed a notable increase, indicating heightened on-chain transaction activity. This rise is accompanied by an uptick in new addresses created on the DOGE blockchain. The recent peak saw 55,440 daily active addresses, a 32% surge from the previous day.
While the daily active addresses have slightly dropped from the peak, the overall trend remains positive. IntoTheBlock data shows an 11.41% increase in new addresses created and a 6.22% rise in total active addresses compared to the previous week.
Implications for DOGE
The increased activity signifies a growing interest in the Dogecoin network, which could potentially lead to a price surge due to heightened user engagement. The rise in new addresses also indicates positive sentiment surrounding DOGE, with existing users becoming more active and new participants joining the ecosystem.
Although there is a 35% surge in daily trading volume, it’s crucial to note that this increase could be from both buying pressure and selloffs on exchanges. Despite this, there has been a net flow of $14.5 million worth of DOGE from exchanges to private wallets over the past week, reflecting a bullish sentiment among some DOGE traders.
However, this bullish sentiment has not yet translated into the price of DOGE. Currently trading at $0.1002, DOGE briefly reached $0.104 before a 1.93% decline over the past 24 hours. This suggests that the increased trading volume is a mix of buying pressure and a subsequent minor selloff.