New Dogecoin Addresses Jump 72% In One Week—Retail Finally Here?
The adoption of Dogecoin, particularly by new investors, has been rapid. On X, crypto expert Ali Martinez reported a significant increase in meme coin daily addresses. Dogecoin daily address registrations increased 72% in a week. This signals greater acceptance, which might bring fresh money into meme currency.
Jumping 72% in One Week
As the crypto market entered October, Dogecoin averaged 11,500 new addresses each day, matching its previous week's rates. As September ended, network activity increased significantly.
Monday, September 20, the final day of the month, saw 19,630 new network addresses registered in one day. The Dogecoin price rose as the new daily address increased 72.29%.
Dogecoin daily active addresses also increased, along with daily new addresses. The on-chain aggregator IntoTheBlock reported 58,180 daily active addresses, up from 43,860 last week. This increased active addresses by 37.23% in 7 days.
However, Dogecoin non-zero addresses increased significantly, which might be negative. Some addresses no longer store DOGE tokens. Therefore, they may have sold all their coins or aggregated them into other wallets. The number of non-zero addresses increased 46.25% in 7 days.
What's Driving Dogecoin's Rise?
The current market bullishness may explain Dogecoin metrics' rise. October and the fourth quarter have been fantastic for Dogecoin. Thus, DOGE should continue its strong increase this month.
Unfortunately, Dogecoin has declined more than 5% to start the month. This suggests that the meme coin's price is rising despite market expectations and may not come true.
CryptoRank reports a 7.28% October return for DOGE. Despite this positive average, it is still one of the most bearish months compared to January (91.5%), April (68.2%), and December (26.4%).
