Recent data shows a notable surge in Dogecoin’s network activity, signaling increased adoption of the meme coin.
According to information shared on X by Ali Martinez, both new and active addresses have increased significantly in the past few days. The most striking observation is the rise in new Dogecoin addresses.
As of September 30, approximately 19,630 new addresses were created, contributing to a remarkable 72.29% growth in new Dogecoin wallets over the past week. This surge comes at a time when the meme coin is seeing a significant bull run.
This uptick points to increased network participation, especially among new users engaging with Dogecoin for the first time. Between mid-August and early September, the growth rate was gradual, but by late September, the surge became more pronounced.
Active addresses, representing the addresses involved in transactions, followed a similarly positive trend. Over the past seven days, there was a 37.23% increase in active addresses, further supporting the observation of heightened activity on the Dogecoin network.
The rise in transaction volume, particularly around mid-September, coincided with visible peaks in Dogecoin’s price fluctuations.
Distribution of Holdings
Further data reveals growth across all Dogecoin address tiers. Notably, addresses holding between 0 and 100 DOGE make up a significant portion of the network, totaling 4.77 million addresses. This segment saw a 0.33% increase in the last 30 days, indicating a steady influx of new users holding small amounts of DOGE.
Mid-tier holders, those with 1,000 to 10,000 DOGE, experienced a 0.32% increase, while the 10,000 to 100,000 DOGE range recorded a 0.82% rise, suggesting accumulation by smaller retail investors.
Larger holders, particularly those with between 100,000 and 1 million DOGE, saw a 1.04% increase, reflecting growing confidence among significant players.
The most substantial growth occurred in the 100 million to 1 billion DOGE range, which experienced a 3.03% increase, indicating accumulation by the largest entities.
Dogecoin’s Price Pump
Alongside the network growth, Dogecoin’s price has also seen upward momentum. As of late September, Dogecoin broke through the $0.111 resistance level, reaching $0.12, a price level not seen in over two months.
Market commentators have noted that Dogecoin is on track for further growth, with the next key resistance expected at $0.15.
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Source: https://thecryptobasic.com/2024/10/01/dogecoin-sees-19630-new-addresses-created-in-one-day-amid-price-pump/?utm_source=rss&utm_medium=rss&utm_campaign=dogecoin-sees-19630-new-addresses-created-in-one-day-amid-price-pump