According to Santiment, the 46,000-plus increase in Dogecoin wallets indicates that investors’ speculative interest in memecoins is increasing.
According to a post on Twitter by on-chain analysis platform Santiment on October 5, there is a remarkable increase in the number of Dogecoin wallets. The creation of 46,400 new wallets last week shows that investors’ interest in memecoins continues to increase.
Especially in Dogecoin$DOGE
Following the local peak seen last week, this rapid increase in new wallets indicates that speculative investors have a high appetite for risk. The activity in the meme coin market suggests that investors are looking for short-term gains.
Santiment analysts say that this situation could be a sign of a new wave of speculation in the market. Analysts point out that these speculative investments can lead to sudden fluctuations in the crypto market.
The following statements were made in the statement:
Also note the Dogecoin wallets skyrocketing (+46.4K in a week). This is a sign of investors speculating and gambling on memecoins even after last week’s local peak.