Price: $0.39296 1.9984%
Market Cap: 57.72B 1.7551%
Volume (24h): 8.58B 0.4%
Dominance: 1.7551%
Price: $0.39296 1.9984%
Market Cap: 57.72B 1.7551%
Volume (24h): 8.58B 0.4%
Dominance: 1.7551% 1.7551%
  • Price: $0.39296 1.9984%
  • Market Cap: 57.72B 1.7551%
  • Volume (24h): 8.58B 0.4%
  • Dominance: 1.7551% 1.7551%
  • Price: $0.39296 1.9984%
Home > Information news > Dogecoin’s On-Chain Surge: Over 5 Million Addresses Now Hold DOGE

Dogecoin’s On-Chain Surge: Over 5 Million Addresses Now Hold DOGE

Release: 2023/11/29 06:00 Reading: 440

Original author:CryptoPotato

Original source:https://cryptopotato.com/dogecoins-on-chain-surge-over-5-million-addresses-now-hold-doge/

Dogecoin’s On-Chain Surge: Over 5 Million Addresses Now Hold DOGE

Dogecoin (DOGE) is seeing a resurgence in its popularity, with its on-chain activity spurring up with activity after a period of relative lull.

The number of addresses holding Dogecoin (DOGE) surpassed five million on November 27th, marking a significant milestone. According to data from on-chain analytics firm IntoTheBlock, this surge in adoption is accompanied by a notable increase in user activity on the Dogecoin network.

  • The number of active addresses has more than doubled, reaching 168,000, the highest since March 2022.
  • The total number of addresses with a balance has also reached a new peak at 5.11 million this week, as per IntoTheBlock’s latest update.
  • Additionally, confirmed transactions on the Dogecoin blockchain have spiked, experiencing a remarkable 1,000% increase in the past 10 days, hitting the highest level since June.
  • Dogecoin has experienced a slowdown in its price after declining by more than 10% from $0.086 to the press time price of $0.077 in a span of 10 days.
  • However, the rise in on-chain activity reflected a growing interest in the popular meme coin from institutional investors and large holders, hinting at a potential surge in value in the coming days.
  • As reported by CryptoPotato, a considerable amount of previously dormant Dogecoin stored in older wallets has been transferred recently, indicating a potential shift in the asset’s price trajectory.
  • However, amidst the positive trend, a concern arises as 4.8 million wallets, holding 1.5% of the total Dogecoin supply, exert control over the cryptocurrency’s price.
  • IntoTheBlock suggests that this surge in activity is likely driven by Dogecoin “Doginals,” which do not require a significant on-chain balance of DOGE.

The post Dogecoin’s On-Chain Surge: Over 5 Million Addresses Now Hold DOGE appeared first on CryptoPotato.

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