As a seasoned analyst with years of experience in the cryptocurrency market, I must say that the recent surge in Dogecoin (DOGE) activity is quite intriguing. The 35% increase in trading volume and the spike in daily active addresses to an all-time high within the past 30 days are clear indicators of growing interest and participation in the DOGE network.
In the last day, there’s been a significant boost in Dogecoin (DOGE) transactions, with a 35% jump in trading volume reported by CoinMarketCap.
Apart from an increase in trading activity, data from IntoTheBlock shows a boost in DOGE wallet usage. More precisely, the number of daily active wallets, indicating the total unique wallets participating in transactions on a specific day, has recently peaked at 55,440. Notably, this is the highest recorded count of daily active Dogecoin wallets within a 30-day period.
Dogecoin Sees 32% Spike In Active Addresses
Over the past week, there’s been an uptick in the number of daily active Dogecoin addresses, suggesting more transactions are happening on the blockchain. This surge in activity comes along with a rise in new accounts being created on the DOGE network. Interestingly, on the weekend alone, the number of active addresses hit 55,440, representing a 32% jump from the 42,000 recorded the day before.
To clarify, although the daily active address count has dropped slightly from its high point, it’s essential to recognize that the overall upward trajectory remains strong. As per IntoTheBlock’s data, there’s been a 11.41% surge in newly created addresses and a 6.22% rise in total active addresses when compared to the same period last week.
What Does This Mean For DOGE?
As someone who has been following the cryptocurrency market for a few years now, I’ve noticed a significant surge in activity within the Dogecoin network recently. This increase in transactions and new addresses tells me that more people are becoming interested in this digital currency, which is great news for anyone invested in it.
According to CoinMarketCap, there was a 35% surge in daily trade activity for Dogecoin. This rise suggests that a larger number of transactions involving Dogecoins occurred within the last 24 hours. It’s essential to understand that this increase in trading activity might be attributed to both selling actions on exchanges and buying demand.
On the other hand, According to IntoTheBlock’s report, there has been a total outflow of around $14.5 million in Dogecoin (DOGE) from exchanges over the last week. This indicates that more DOGE tokens have moved from exchanges to personal wallets than those taken from personal wallets for selling, suggesting that some DOGE investors remain optimistic, or bullish, about the coin’s future.
Despite a positive outlook, the price of DOGE has not followed suit at this moment, currently hovering around $0.1002. Yesterday, it peaked at $0.104 but subsequently dropped by 1.93% over the past day. This decline indicates that the surge in trading activity is a mix of earlier buying fervor and subsequent minor selling off.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- Strongest Magic Types In Fairy Tail
- AAVE PREDICTION. AAVE cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- GBP USD PREDICTION
2024-08-20 07:41