Dogecoin $DOGE, the meme-based altcoins, have recently recorded a higher increase in active addresses in the last one and a half months. Institutional data reports a 72% rise in the number of active addresses on the Doge network with the number of wallets standing at over 90 million. It shows rising demand for altcoin, especially in the last week, when thousands of new addresses were registered in the network.
Active Addresses Increased by 72%
Data from blockchain analytics firm Santiment shows that Dogecoin’s active addresses have surged to 84,306, the highest in half a year. Trade expert Ali Martinez was the first to reveal the statistics stating considerable network advancement. Martinez pointed out that holding over 19,600 new addresses in one day played a huge role to the 72percent weekly increase.
Martinez concludes, and his hypotheses reflect general tendencies in the Dogecoin $DOGE community observations. “Really, there are many more new wallets within the past week,” he pointed out as a proof of the token renewed interests. Indeed, according to Santiment’s statistics, such increased activity is not unique to small traders or retail clients.
Dogecoin $DOGE Whales Make a Move
In late September, the trading activity of large holders of Dogecoin $DOGE, also known as whales, emerged as well. In the next two days, the whales bought more than 1.4 billion Dogecoins worth more than $140m. Such an increase implies that the larger market participants are gradually embracing Dogecoin $DOGE as an investment in the future market.
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Such large transactions can impact the market trying to bring more investors, institutional investors and retail traders. It should be noted that whales also continue to buy DOGE in large quantities, which also corroborates the network’s recent gains. Dolphin operation is usually a spill-over from overall sentiment to the prospects of the cryptocurrency’s price appreciation.
Reaching a Major Milestone: 90 Million Wallets
One of the big milestones that Dogecoin $DOGE recorded is when the number of wallets owning the currency went past 90 million. It is essential to admit, however, that the number of wallets might not entirely be equivalent to the number of users since people register multiple wallets and exchange wallets belong to several individuals, and yet, this is a major step forward for the meme coin.
Dogecoin $DOGE has remained popular across the board and among celebrities such as Tesla’s CEO Elon Musk. In one of earlier this year, Musk, a known Dogecoin supporter, shared his opinion about DOGE, stating, “I have a certain liking for DOGE, yes, because I like dogs and memes.” That helped thanks to Musk and the use of Dogecoin by his company, Tesla, as a form of payment for some time.
The Road Ahead for Dogecoin $DOGE
With Dogecoin $DOGE experiencing significant growth, both in terms of active addresses and whale accumulation, the question remains: what will happen to the cryptocurrency moving forward? Arguably the rising active addresses point out to the fact that new people are joining the market in anticipation for future advancements in the network.
Nevertheless, the prospect of Dogecoin’s future performance must be considered rather vague. The backing of strong communities and some high-profile personalities provide it with strength, but like all cryptocurrencies, the prices will always be volatile. Now that Dogecoin $DOGE has managed to break through the 90 million wallets barrier, innovation and adoption are going to be the key engine of development, which has inspired Bitcoin and Ethereum as well.
As a result, the increased activity of the Doge token, such as the 72% growth in active addresses and the number of wallets with more than 90 million, shows that investors are interested in the token again. With new money buyers coming in and whales making larger purchases, it is evident that Dogecoin is very much from being just a meme currency – it is a cryptocurrency with growth for the future. Keep following TheBITJournal and keep an eye on the latest crypto developments.
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