Unusual 72% Dogecoin (DOGE) New Addresses Spike – What’s Going On?

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As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by the recent developments surrounding Dogecoin (DOGE). The 72% surge in new addresses on the network this past week is undeniably impressive, reminding me of the infectious enthusiasm that first drew many of us to the digital currency space.

In the last few weeks, the digital currency Dogecoin (DOGE), which is centered around dogs as its theme, has shown some encouraging growth. As noted by Ali Martinez on platform X, there was a significant increase of 72% in new wallets on the network just this past week, leaving the community amazed.

19,630 New DOGE addresses in one Day

19,630 fresh Dogecoin (DOGE) wallets were reportedly set up on September 30th, as per data from the blockchain analysis platform, IntoTheBlock.

As a devoted Dogecoin investor, I’ve noticed an exciting uptick that seems to stem from heightened enthusiasm and participation within our vibrant community. This surge appears to have boosted the number of daily active addresses on Dogecoin, potentially leading to a flurry of activity.

The Dogecoin network is undergoing substantial expansion! In the last seven days, there’s been a 72% surge in the number of new Dogecoin wallets, and on its own, 19,630 new Dogecoin wallets were generated just yesterday!

— Ali (@ali_charts) October 1, 2024

In many cases, a rise in usage tends to be linked with a surge in pricing, but this pattern hasn’t been mirrored in Dogecoin’s price increase yet.

Currently, the meme coin’s value stands at $0.1164, which represents a decrease of 5.11% over the past 24 hours. Contrastingly, when considering the last week, the Dogecoin price is still showing growth, having increased by approximately 4.41%.

As a crypto investor, I must admit that the current state of DOGE‘s key metrics isn’t exactly inspiring. The market cap stands at a significant 5.12%, equivalent to approximately $16.7 billion. On the other hand, its trading volume has dipped by 5.86% to reach $858 million.

DOGE bull or bear on horizon 

Just a short while ago, I observed a significant increase in trading volume soaring up to approximately $1.2 billion. This surge might have piqued the interest of traders, encouraging them to establish new accounts and invest their resources. It’s also worth noting that the price of Dogecoin peaked at around $0.124 during this period. This temporary increase could be attributed to a heightened level of whale activity in the market. To a considerable degree, these ‘whales’ and speculative traders played a significant role in the sudden surge in trading volume.

Experts are wondering if Dogecoin (DOGE) can maintain its current price as trading activity decreases. There’s a possibility that the price could drop even more and encounter important support zones, particularly if the volume goes back up to pre-surge levels.

For now, it’s worth noting that the temporary average price (MA) for the meme coin hovers near the $0.117 mark. This represents a significant level of support to watch closely.

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2024-10-01 18:39