Bitrabo Editorial
Dogecoin has experienced a surge in popularity, particularly among new investors. Crypto analyst Ali Martinez noted on X that the meme coin has seen a significant increase in daily new addresses. Over just one week, registrations of new addresses on the Dogecoin network rose by 72%, indicating a potential influx of investment into this cryptocurrency.
Significant Weekly Increase
As October began, the Dogecoin network was seeing an average of about 11,500 new addresses per day, consistent with figures from the previous week. However, a notable spike in network activity occurred as September ended.
On September 30, the final day of the month, the number of new addresses registered reached 19,630 in just one day, showing a remarkable increase of 72.29%, which aligned with a rise in Dogecoin’s price.
In addition to new address registrations, the count of active daily addresses also grew. Data from the on-chain aggregator IntoTheBlock revealed that active addresses climbed from a low of 43,860 to 58,180, resulting in a 37.23% boost in just one week.
However, there was an alarming increase in the number of non-zero addresses—addresses that once held DOGE but currently do not. This may indicate some holders have sold their tokens or transferred them to other wallets. Still, these non-zero addresses rose by 46.25% over the week.
Factors Behind Dogecoin’s Growth
The increase in Dogecoin metrics can be attributed to the overall bullish sentiment in the market lately. Historically, October and the latter quarter of the year have been positive for Dogecoin’s price, leading to expectations of further growth this month.
Despite these expectations, Dogecoin’s price dropped over 5% at the start of October. This downturn may indicate that the price movement is diverging from market predictions, and potential growth may not occur as anticipated.
According to CryptoRank website, the average return for DOGE in October is around 7.28%. While this figure seems favorable, it pales in comparison to other months, such as January, which has an average return of 91.5%, April at 68.2%, and December with 26.4%.