Amid the overall market downturn, Dogecoin’s network activity has boomed, with the number of new Dogecoin addresses surging 72% in the first week of October. This number clearly shows that interest and engagement in Dogecoin has increased significantly.

This development has certainly increased the optimism among digital asset holders. Right now there is only network activity, but historical indicators show great positivity for the coin during the first week of October. However, the big question now is how much of a boost network activity can give DOGE this month.

DOGE rebound imminent? Growth in Dogecoin network activity signals upcoming surge

In the cryptocurrency market, Dogecoin is firmly at the top. The asset has a large community, which makes it one of the most prominent cryptocurrencies in the market. This will undoubtedly benefit it as we head into October.

Amid the current market downturn, Dogecoin has gained more than 5.9% over the past 30 days, according to CoinMarketCap. However, over the past seven days, it has lost more than 11% and is currently trading below $0.11. However, some recent network data may hint at a turnaround.

Earlier this month, cryptocurrency analyst Ali Martinez highlighted that Dogecoin is poised to benefit in October after a 72% surge in new addresses. In just one day, the network created more than 19,630 addresses. All in all, this indicates a surge in activity for the meme coin.

This could drive prices higher. Just one day later, Martinez noted that Dogecoin was about to reach a MACD bullish crossover. Furthermore, Dogecoin’s previous MACD crossovers led to rallies of 90% and 180%, respectively.

Similar developments could double the price of Dogecoin, which traded at $0.10 on Thursday but is expected to break through the $0.206 mark in the coming weeks. The asset could be enjoying the fruits of a perfect storm.

Increased network activity and a historically positive performance in October bode well for the asset. However, market sentiment could push it over the edge. If Bitcoin is able to turn around and rebound, Dogecoin could be one of the assets most affected.