Dogecoin address surge, what impact does it have on the price?
Dogecoin has been quite popular recently, with a sharp increase in address activity, indicating that more people are using it, and the trading volume shows that there is still room for growth.
The activity of Dogecoin addresses has recently surged, although trading volume has slightly declined, it feels like more people are still getting involved.
Everyone is in a good mood, with open interest contracts rising steadily, which seems to suggest a potential rebound.
Dogecoin [DOGE], this big fellow mainly relies on the community, and with the current surge in online activity, it looks like it can continue to rise in the long term, with even more users.
As of the writing of this article, the price of DOGE is $0.3221, having increased by 2.83% in the past 24 hours. Everyone's confidence in this coin has strengthened along with these rising indicators.
Let's take a look at the data on DOGE addresses, which indeed shows an increase in users.
The activity of Dogecoin addresses is incredibly robust, with new addresses, active addresses, and zero-balance addresses all seeing significant increases, especially zero-balance addresses, which rose by 155.46%, which is quite alarming. These data indicate that more and more people are starting to use this coin.
Moreover, an increase in active addresses indicates that everyone is interacting within the network. These numbers show that DOGE is becoming increasingly important in the cryptocurrency space.
However, trading volume has been a bit lackluster. Although the number of addresses has surged, trading volume has dropped below 40,000, raising concerns about its practicality.
Even though more people are using it, the trading volume hasn't kept up, indicating that while people have joined, they haven't fully started using it yet. The disparity between rising addresses and falling trading volume needs to be addressed for Dogecoin to continue its momentum.
Everyone is feeling good;
In terms of meme coins, there is still a lot of optimism, with open interest (OI) increasing by 6.38% in the past 24 hours, reaching $2.05 billion. This shows that traders are quite optimistic and preparing for price fluctuations.
Therefore, with OI rising and high participation, Dogecoin looks quite promising in the short term.
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