Dogecoin Sees 72% Surge in New Addresses Amid Mixed Market Sentiment
Dogecoin is experiencing a significant boost in new investor interest, as recent data reveals a remarkable 72% increase in new daily addresses on its network.
Crypto analyst Ali Martinez highlighted that this surge brings the average to about 11,500 new addresses daily, with a notable spike to 19,630 on September 30, coinciding with a rise in Dogecoin’s price.
The overall activity on the Dogecoin network also showed improvements, with daily active addresses climbing to 58,180, up 37.23% from the previous week.
However, a concerning trend emerged with a 46.25% increase in non-zero addresses, which indicates some wallets may be consolidating or selling their DOGE holdings.
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This uptick in metrics may stem from a generally positive sentiment in the crypto market as October begins, a month that has historically favored Dogecoin’s price movement.
Despite these optimistic trends, DOGE’s price has recently dipped over 5%, contradicting expectations for growth. Historical data shows that October has an average return of 7.28% for DOGE, which, while positive, pales in comparison to more bullish months like January and April.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
