LATEST: Dogecoin’s Network Skyrockets, 28,000 New Addresses in One Day

Dogecoin’s network activity has witnessed a significant boost, adding 28,000 new addresses on May 2, a 102% increase from the monthly low observed just a day earlier. This surge was highlighted by IntoTheBlock, a leader in on-chain data analytics, who noted the remarkable spike in address creation. Additionally, Santiment, another analytics firm, reported a 27% increase in Dogecoin non-empty wallets over the past six months, reaching a total of 6.6 million wallets. The increase in active and filled wallets indicates a growing interest and engagement within the Dogecoin community.

This revitalized enthusiasm for Dogecoin coincided with a broader recovery in the cryptocurrency market, notably after the release of weaker-than-expected job data. The market saw an uplift, with Bitcoin leading the charge, suggesting that the downward trend might be reversing. Dogecoin’s price mirrored this positive sentiment, climbing by 13% in the last 24 hours. This highlights how fundamental on-chain growth can influence market value, as increased adoption often correlates with price increases. With the crypto community rallying, this could be a sign that the market is poised for a robust rebound.


45.1K Reads