Dogecoin’s New Addresses Skyrocket Amid Price Pump
Based on the data shared by Ali Martinez on X, there has been a significant increase in both new and active addresses in the Dogecoin network recently. The most notable observation is the surge in new Dogecoin addresses.
Dogecoin New Addresses Surges
As of today, there were approximately 19,630 new addresses created, leading to an impressive 72.29% growth in new Dogecoin wallets over the past week. This surge coincides with a significant bull run for the meme coin.
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This increase suggests heightened network engagement, particularly among new users entering the Dogecoin market for the first time. While the growth rate was gradual between mid-August and early September, it became more pronounced by late September.
Active addresses, representing those involved in transactions, followed a similarly favourable trend. Over the past seven days, there was a 37.23% increase in active addresses, further supporting the observation of heightened activity on the Dogecoin network.
The rise in transaction volume, especially around mid-September, aligns with visible peaks in Dogecoin’s price fluctuations.
Address Distribution
Further analysis indicates growth across all Dogecoin address tiers. Notably, addresses holding between 0 and 100 DOGE make up a significant portion of the network, totalling 4.77 million addresses. This segment experienced a 0.33% increase in the last 30 days, indicating a steady influx of new users holding small amounts of DOGE.
Mid-tier holders, those with 1,000 to 10,000 DOGE, saw a 0.32% increase, while the 10,000 to 100,000 DOGE range recorded a 0.82% rise, suggesting accumulation by smaller retail investors.
Larger holders, particularly those with between 100,000 and 1 million DOGE, experienced a 1.04% increase, reflecting growing confidence among significant players. The most substantial growth occurred in the 100 million to 1 billion DOGE range, which saw a 3.03% increase, indicating accumulation by the largest entities.
DOGE Price Action
In addition to network growth, Dogecoin’s price has also experienced upward momentum. By late September, Dogecoin surpassed the $0.111 resistance level, reaching $0.12, a price level not seen in over two months. Industry experts predict further growth for Dogecoin, with the next key resistance anticipated at $0.15.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
