Over 5 Million Addresses Now Hold DOGE
Dogecoin (DOGE) is seeing a resurgence in its popularity, with its on-chain activity spurring up with activity after a period of relative lull.
The number of addresses holding Dogecoin (DOGE) surpassed five million on November 27th, marking a significant milestone. According to data from on-chain analytics firm IntoTheBlock, this surge in adoption is accompanied by a notable increase in user activity on the Dogecoin network.
The number of active addresses has more than doubled, reaching 168,000, the highest since March 2022.
The total number of addresses with a balance has also reached a new peak at 5.11 million this week, as per IntoTheBlock’s latest update.
Additionally, confirmed transactions on the Dogecoin blockchain have spiked, experiencing a remarkable 1,000% increase in the past 10 days, hitting the highest level since June.
Dogecoin has experienced a slowdown in its price after declining by more than 10% from $0.086 to the press time price of $0.077 in a span of 10 days.
However, the rise in on-chain activity reflected a growing interest in the popular meme coin from institutional investors and large holders, hinting at a potential surge in value in the coming days.
As reported by CryptoPotato, a considerable amount of previously dormant Dogecoin stored in older wallets has been transferred recently, indicating a potential shift in the asset’s price trajectory.
However, amidst the positive trend, a concern arises as 4.8 million wallets, holding 1.5% of the total Dogecoin supply, exert control over the cryptocurrency’s price.
IntoTheBlock suggests that this surge in activity is likely driven by Dogecoin “Doginals,” which do not require a significant on-chain balance of DOGE.
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