Dogecoin has experienced a whirlwind of adoption, especially when it comes to new investors. Cryptocurrency analyst Ali Martinez subscriber On Within a week, new addresses will be registered on Dogecoin network Daily saw a 72% jump. This indicates increased adoption which could mean new money flowing into the meme coin from here.
A 72% jump in one week
As the cryptocurrency market enters the new month of October, the average number of new addresses for the Dogecoin network was around 11,500 per day, which is consistent with the previous week’s numbers. However, as September came to a close, there was a big jump in activity on the network.
On Monday, September 20, the last day of the month, new addresses registered on the network in one day suddenly jumped to 19,630. This corresponds to a 72.29% increase in new daily addresses, coinciding with the rise in the price of Dogecoin.
Daily new addresses are not the only metric that saw a jump as daily active Dogecoin addresses also joined the action. According to data from the on-chain aggregator, IntoTheBlockDaily active addresses rose to 58,180 from last week’s low of 43,860. This translated into a 37.23% increase in active addresses over a 7-day period.
However, there has been a significant increase in the number of non-zero Dogecoin addresses, which could be bearish. Non-zero addresses indicate the number of addresses that no longer hold any DOGE tokens. So, this could mean that they sold all of their coins or… Integrate it into other wallets. However, there was a 46.25% increase in the number of non-zero addresses over the 7-day period.
What is driving the rise in Dogecoin?
The rise in Dogecoin metrics can be explained by the bullish trend that has swept the market recently. October and the last quarter of the year were generally good for the price of Dogecoin. Hence, expectations are that DOGE will continue this trend and witness rapid growth this month.
However, things do not seem to be going as planned, as the price of Dogecoin has already fallen by more than 5% at the start of the new month. This may indicate that The price of the Mimi coin is inconsistent with the market Expectation and high may not be achieved.
According to CryptoRank WebsiteDOGE price has an average return of 7.28% for the month of October. Despite this positive average, it is still one of the bearish months compared to the likes of January with an average return of 91.5%, April with an average of 68.2%, and December with an average of 26.4%.
Featured image created with Dall.E, chart from Tradingview.com
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