Journalist
Posted:
- The number of new Dogecoin addresses has increased by more than 30%.
- Active addresses have increased to over 1 million.
Recently Dogecoin [DOGE] noted an increase in the creation of new addresses. AMBCrypto’s analysis of the accompanying chart revealed a notable increase of over 35% in new addresses over the past seven days.
This development is important as it suggests potential improvements in liquidity and trading activity – factors that could contribute to a rise in the meme coin’s value.
More Dogecoin addresses are becoming active
The increase in the number of new addresses and the impressive growth of active addresses indicate positive developments for Dogecoin.
Santiment’s analysis of the seven-day active addresses statistic showed a consistent increase, with the current number at almost 1.3 million.
Comparing this to the average of around 450,000 before December 9 and the previous peak of around 944,000 on December 1, there is a substantial increase.
Source: Santiment
In addition, Daily Active Addresses showed a recent increase, to approximately 166,000, although there is a slight decrease from this peak.
Remarkably, this figure remained higher than the average of around 45,000 in previous months. These trends suggested increased activity and engagement within the Dogecoin network and could contribute to its growth.
The number of holders continues to grow
Another metric showing consistent growth is the total number of Dogecoin holders, as Santiment’s chart indicates. From November to the time of writing there has been a significant increase of over 400,000 holders.
According to the latest data, the press time was about 5.7 million. The chart further illustrates an upward trend, suggesting that the number of holders could surpass 6 million before the year is out.
Source: Santiment
DOGE’s downward trend continues
Dogecoin’s price trend slowed the alignment with the positive trends observed in the on-chain metrics. A closer look at the chart revealed that prices have fluctuated over the past seven days.
How much are 1,10,100 DOGEs worth today?
At the time of writing, DOGE was trading with a slight decline of less than 1%, extending losses from the previous trading session.
Source: TradingView
Moreover, the Relative Strength Index (RSI) line remained above the neutral line while it was close to it. This trend marked a weakening of the bull trend for DOGE.