Dogecoin’s active addresses have surged to 133,880, the highest in eight months, indicating increased engagement. Last week’s whale accumulation of 2.07 billion DOGE was the highest since January 2024, reflecting increased interest in the network.
Dogecoin, which has the highest number of active addresses at 133,880, has seen a spike in network activity in eight months. For many investors, this rise is a positive indicator that interaction with the coin is increasing.
active #Dogecoin Addresses recently surged to 133,880, the highest level in eight months. pic.twitter.com/DojEsDscXk
— Ali (@ali_charts) October 12, 2024
The unexpected increase in active addresses indicates that more traders are using Dogecoin, establishing the basis for further price movements. Although activity has increased, DOGE price has remained somewhat constant, within a limited range of $0.101 to $0.115 throughout the past few weeks.
Market cautiously awaits DOGE breakout above key resistance
Usually associated with an increase in transaction volume, the continued increase in network activity has led to speculation that Dogecoin is about to skyrocket. Still, market caution remains strong. Investors are keenly watching for a clear rally above the key resistance level at $0.116.
If Dogecoin outperforms this level, it could trigger a more solid bullish trend, but if it breaks below this, support levels around $0.098, or perhaps around $0.088, could trigger a more severe downside. Possibly.
Although Dogecoin’s price movement has been very subdued, the increase in active addresses could indicate that momentum is building.
This trend points to Dogecoin’s continued appeal given recent reports of booming short-term trader activity in the memecoin market. In terms of transaction engagement, it far exceeds other tokens available and remains the top among meme coins.
Apart from the increase in active addresses, there were other notable changes as well. As previously highlighted, whale investors accumulated 2.07 billion DOGE at the beginning of the month, the largest amount since January 2024.
This widespread buying activity indicates growing interest among significant holders and gives hope for a long-term issuance of the coin. Additionally, new Dogecoin address designs have surged by 72%, reflecting the token’s growing popularity over the past few weeks.
Meanwhile, DOGE is trading at around $0.1126 at the time of writing, up 1.22% in the past 24 hours. The daily trading volume reaches approximately $664.42 million.
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