Dogecoin address surge, what impact does it have on the price?
Dogecoin has been quite popular recently, with a surge in address activity, making it look like more people are using it, and the trading volume indicates that there is still room for growth.
The activity of Dogecoin addresses has risen sharply recently. Although the trading volume has slightly declined, it feels like more people are still getting involved.
Everyone is in a good mood, with open contracts continuously rising, seemingly indicating a reversal.
Dogecoin [DOGE], this big guy mainly relies on the community, and with the current surge in online activity, it looks like it can rise long-term, and more people will use it.
At the time of writing this article, the DOGE price is $0.3221, having risen 2.83% in the last 24 hours. People's confidence in this coin has strengthened due to the rise in these indicators.
Let's take a look at the DOGE address data, there are indeed more users now.
The Dogecoin address activity is absolutely booming, with new addresses, active addresses, and zero balance addresses all seeing a significant increase, especially the zero balance addresses, which have risen by 155.46%, quite shocking. This data all indicates that more and more people are starting to use this coin.
Moreover, the increase in active addresses shows that people are interacting within the network. These numbers indicate that DOGE is becoming increasingly important in the cryptocurrency space.
However, the trading volume has been a bit weak. Although the addresses are rising sharply, the trading volume has dropped below 40,000, which raises some concerns about its practicality.
Even though more people are using it, the trading volume hasn't kept up, indicating that while people are joining, they haven't really started using it yet. The gap between rising addresses and declining trading volume needs to be addressed to allow Dogecoin to continue thriving.
Everyone is in a good mood;
In terms of meme coins, people are still quite optimistic, with open interest (OI) rising by 6.38% in 24 hours, now reaching $2.05 billion. This shows that traders are quite optimistic and are preparing for price fluctuations.
So, with OI rising and high participation, Dogecoin looks quite promising in the short term.
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