Dogecoin welcomes a wave of new users – Will it impact DOGE prices?

New users swoop on Dogecoin.
DOGE is yet to be impacted by the influx of new users.

Dogecoin [DOGE] has experienced a recent increase in certain key metrics, indicating the influx of new users to the network. This surge has subsequently contributed to a rise in various significant activities within the Dogecoin ecosystem.

Dogecoin sees new users

As reported by IntoTheBlock, the Dogecoin ecosystem experienced a notable increase in new accounts within the last seven days.

Over 890,000 new accounts were created during this period, reflecting a growing interest among new users in the Dogecoin network. This surge in new accounts has consequently influenced the address metrics.

How new users impacted Dogecoin’s address activities

Analyzing the seven-day active addresses metric on Santiment showed a substantial impact on Dogecoin’s active addresses due to the recent influx of new accounts.

The highest recorded number of active addresses in the past few months was around 1.3 million in December. Subsequently, there was a decline to the 500,000 range.

However, starting from around 25th January, there has been a continuous increase, reaching about 1.4 million as of the time of this writing. This marked the highest level observed in the metric over the past six months.

Source: Santiment

Furthermore, the daily active addresses for DOGE experienced a similar trend, with a rise and peak at around 287,000 on 29th January.

Before this, the highest recorded number was about 144,000. As of this writing, the daily active addresses were around 150,000. This surge in active addresses signifies increased engagement and activity within the network.

Source: Santiment

DOGE holders on the rise

The number of Dogecoin holders showed a consistent upward trend in recent weeks, with a notable sharp rise aligning with the increase in new addresses.

Between 30th January and now, the number of Dogecoin holders has increased by around 110,000. As of this writing, the total count of DOGE holders has nearly reached 6 million.

Source: Trading View

DOGE trend remains steady

Analyzing the daily timeframe chart of Dogecoin showed that the recent surge in new users has not notably influenced the price. The chart showed a lack of significant movement in the past few days.

How much are 1,10,100 DOGEs worth today

As of this writing, DOGE was trading around a 0.5% decline in value. The highest increase observed in the last seven days was a 3.04% uptick.

Despite the influx of new users and increased network activity, the impact on the coin’s value appears limited within this timeframe.