Dogecoin network sees 72% surge in new addresses amid growing adoption

As October, often dubbed “Uptober” in the crypto market, unfolds, traders and investors are paying close attention to cryptocurrency charts. Recent data show that Dogecoin has seen increased network activity, indicating an increase in Doge’s interest. 

According to data shared by analyst Ali Martinez, there has been a surge in the number of new Dogecoin addresses in the past week. About 19,630 new addresses were added, which can be attributed to a 72.29% increase in the number of new Dogecoin wallets. This spike in wallet creation correlates with the price appreciation of Dogecoin, which could be the tipping point of the meme coin.

The #Dogecoin network is experiencing significant growth! Over the past week, there's been a 72% increase in new $DOGE addresses, and just yesterday alone, 19,630 new #DOGE addresses were created! pic.twitter.com/5Tj8ZvcxUu

— Ali (@ali_charts) October 1, 2024

This rise in new addresses has been attributed to increased interest. Although the increase in activity between mid-August and early September was steady, the last week of September reported a significant increase.

Besides new addresses, active addresses have also seen substantial growth. In the last week alone, 37.23% of the active addresses participating in the Dogecoin network have increased. According to IntoTheBlock, large transaction volume rose by 52.1%, with transactions over $100,000 from 189 to 355 in a single day.

Large Dogecoin holders accumulate more coins

The data shows that the growth of the Dogecoin addresses is universal across all holding tiers. The larger holders, especially those with 100 million to 1 billion DOGE, saw the most gains and recorded a 3.03% gain in the last 30 days. 

Smaller holders with 1,000 to 10,000 DOGE also increased slightly by 0.32%. This trend is then seen across different holder tiers, suggesting increased participation and accumulation from both the retail and institutional investors.

Also, recently, a whale was said to have bought 1.4 billion DOGE, a move that would cost the whale about $176.4 million at current market prices. The news made the rounds on social networks, and Dogecoins creator Billy Markus, aka Shibetoshi Nakamoto, simply stated, “Wat.”

wat

— Shibetoshi Nakamoto (@BillyM2k) September 29, 2024

Despite the increase in active addresses, the price of Dogecoin dropped over 8.1% on the last day. According to data from CoinMarket Cap, Dogecoin is currently trading at 0.1069, registering a weekly decline of 2%. However, the 24-hour volume of Dogecoin has been on the rise, registering a 32% hike.