As a seasoned crypto investor with a knack for deciphering market trends and a keen eye for spotting potential, I find myself intrigued by the recent surge in Dogecoin’s new daily addresses. A 72% jump in just one week is nothing short of remarkable, especially considering the notorious volatility that characterizes this space.
Dogecoin has experienced a surge in popularity, particularly among novice investors. According to crypto expert Ali Martinez, there’s been a significant increase in the number of daily new accounts on the Dogecoin network. Over the course of a week, this figure spiked by 72%. This trend implies growing adoption, which could potentially lead to more funds flowing into the meme coin going forward.
A 72% Jump In One Week
In early October, the Dogecoin network was consistently adding about 11,500 new user accounts per day, mirroring the numbers from the preceding week. Yet, as September came to an end, there was a significant surge in network activity.
On the last day of September, specifically Monday the 20th, an unexpected surge occurred. The number of new addresses registered on the network in just one day skyrocketed to 19,630, representing a substantial 72.29% increase in daily registrations. This spike coincided with a noticeable upsurge in Dogecoin’s price.
The number of new addresses isn’t the only statistic that spiked; the daily active addresses for Dogecoin also experienced an uptick. According to data from IntoTheBlock, the number of daily active addresses increased significantly, reaching 58,180 from a low of 43,860 recorded just last week. This represents a substantial 37.23% rise in active addresses over a seven-day period.
On the other hand, we saw a notable rise in Dogecoin accounts with some tokens, which might indicate a bearish trend. Accounts without any DOGE tokens are referred to as non-zero addresses. Consequently, this could imply that these accounts have offloaded their coins or transferred them to different wallets. Remarkably, the number of such non-zero addresses rose by 46.25% within a week’s timeframe.
What’s Driving The Surge For Dogecoin?
The significant increase in Dogecoin statistics might be due to the market’s current optimism. Historically, October and the end of the year have often been favorable periods for Dogecoin prices. As such, it is anticipated that Dogecoin could maintain this pattern and experience accelerated growth this month.
Contrary to expectations, the Dogecoin price has plummeted by over 5% at the start of the new month, hinting that its price trend might be contrary to the market forecast, potentially indicating that the anticipated rise may not occur.
As a analyst, I’ve been examining the data from CryptoRank, and I noticed that the average return for DOGE in October was at approximately 7.28%. While this is a positive figure, it pales in comparison to other months such as January, where we saw an average return of around 91.5%, or April, which had an average of 68.2%. Even December, traditionally a strong month for cryptocurrencies, only managed an average return of 26.4% compared to October.
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2024-10-03 07:41