Active Dogecoin Wallets Hit 9.5 Million: A Step Toward Mainstream Use?

Dogecoin Active Addresses Surge to All-Time High

Dogecoin (DOGE) has witnessed a significant increase in network activity, with active addresses reaching a record-breaking high of 9.52 million.

Increased Network Activity vs. Declining Trading Volume

Despite the surge in network activity, DOGE's trading volume has experienced a decline. This suggests that while users are actively engaging with the network, the overall trading activity has decreased.

Technical Indicators Suggest Caution

Technical indicators, such as the Relative Strength Index (RSI), indicate that DOGE may face challenges in rising towards $1 and could potentially decline to $0.42.

Long Road to $1

While Dogecoin's recent price increase of 107% in the past 30 days has sparked speculation about a potential surge to $1, on-chain metrics suggest that achieving this milestone may take longer than expected.

Key Metrics: Active Wallets

The number of active addresses on the Dogecoin network provides an indication of user engagement and network activity. The record-breaking 9.52 million active addresses suggest a growing number of users interacting with the network.

Conclusion

The surge in Dogecoin's active address count is a positive sign for the cryptocurrency's adoption and interest. However, declining trading volume and technical indicators suggest that reaching $1 may be a challenging prospect in the near term.