Despite A Stormy Market, Dogecoin Addresses Skyrocket To Over 6 Million

Dogecoin has been a focal point in the cryptocurrency world, and a mix of positive and negative signals is setting its future.

On one hand, the number of Dogecoin addresses has been increasing. On the other hand, the recent technical analysis gives less reason for optimism over the short to medium term.

What must investors make of this dual narrative?Dogecoin Rising Adoption: Silver LiningData from the latest charts on Crypto Daily Trade Signals reveal that the number of Dogecoin addresses with a balance has grown to 6.56 million, up 20% from eight months ago.

Such an adoption swing indicates that more people are holding on to their DOGE for further gains. This has developed into a strong vote of confidence in the cryptocurrency while its price has been unable to gain traction.

This optimism, however, is somewhat offset by several short-term indicators. According to IntoTheBlock, the price of Dogecoin has been trending down despite the steady increase in active addresses.

The Fear & Greed Index currently rests at 25, which translates to “Extreme Fear,” a direct indication that the market is in a state of worry. This often leads to increased selling pressure, further depressing prices.

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