Dogecoin network sees 72% surge in new addresses amid growing adoption

Dogecoin Network Surges Amidst Strong Investor Interest

As October, known as "Uptober" in the crypto world, unfolds, cryptocurrency traders and investors are closely monitoring market developments. Recent data reveal a surge in Dogecoin (DOGE) network activity, signaling increased interest in the popular meme coin.

According to analyst Ali Martinez, the number of new Dogecoin addresses has witnessed a significant spike in the past week. Approximately 19,630 new addresses were created, representing a 72.29% increase in new Dogecoin wallets. This surge in wallet creation coincides with a price appreciation for DOGE, potentially signaling a turning point for the coin.

The rise in new addresses is attributed to growing interest in Dogecoin. While activity between mid-August and early September saw steady growth, the last week of September witnessed a significant increase.

In addition to new addresses, active addresses have also experienced substantial expansion. During the past week, the number of active addresses participating in the Dogecoin network has increased by 37.23%. Moreover, large transaction volume spiked by 52.1%, with transactions exceeding $100,000 rising from 189 to 355 in a single day, as per IntoTheBlock data.

Large Dogecoin Holders Accumulate Coins

Data indicates that the growth in Dogecoin addresses extends across all holding tiers. Notably, larger holders, particularly those with 100 million to 1 billion DOGE, have seen the most significant gains, recording a 3.03% increase over the last 30 days. Smaller holders with 1,000 to 10,000 DOGE have also seen slight growth of 0.32%. This trend suggests increased participation and accumulation from both retail and institutional investors.

Significantly, a whale recently acquired 1.4 billion DOGE, an investment estimated at $176.4 million at current market prices. The move sparked widespread discussion on social media, prompting Dogecoin creator Billy Markus to respond with a simple "Wat."

Despite the surge in active addresses, Dogecoin's price experienced an 8.1% decline on the previous day. As per CoinMarket Cap, DOGE is currently trading at $0.1069, representing a weekly decrease of 2%. However, its 24-hour trading volume has witnessed a 32% increase.