Number of active addresses on Dogecoin has surged to about 73,000, marking an impressive increase of 28% within seven days.
Number of active addresses on Dogecoin has surged to about 73,000, marking an impressive increase of 28% within seven days. Dogecoin has been trading negatively today, but its network activity has surged notably over the past week amid increased participation from investors.
While the surge in network activity has come at a time when the market continues to show mixed price actions, the metric signals renewed interest in the largest meme token by market capitalization, sparking discussions across the crypto market.Elon Musk Names Surprising Advantage of Quantum Crypto Hacks Binance Delists XRP/TUSD Spot Pairing, Bitcoin's Biggest Quantum Critic Drops 85% Prediction, Ripple Joins Standard Chartered in $1.1 Billion Round: Morning Crypto Report According to the analyst, the surge marks a notable 28% increase in Dogecoin’s active addresses over the last seven days.With this surge in Dogecoin network activity, it appears that a growing number of users are actively using the blockchain, either by sending, receiving or trading DOGE tokens. While the surge in network activity could be bullish for Dogecoin, it is not entirely a key indicator for a potential price rally, as it could also have been triggered by a surge of activities from bearish traders.As such, market analysts believe that growth in network activity like this can sometimes precede increased volatility, or possibly price growth. network activity, the trend has yet to impact the asset’s trading price, as data from CoinMarketCap shows Dogecoin trading in the red zone. Amid a broad crypto market downturn, Dogecoin has also pulled off weak price moves over the last day, with its price trading at $0.09126 as of writing time.
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