Dogecoin Network Comes Alive: Active Addresses Jump 28%

On-chain data shows the number of active addresses on the Dogecoin network has shot up recently. Here’s what this could mean for the memecoin.

When the value of this indicator rises, it means more investors are using the network every day. Such a trend suggests users are being attracted to the cryptocurrency.

On the other hand, the indicator going down can imply traders are losing interest in the blockchain as fewer of them are participating in network transaction activity.

Now, here is the chart shared by Martinez that shows the trend in the Dogecoin Active Addresses over the last few days:

As displayed in the above graph, the Active Addresses indicator has witnessed a surge for Dogecoin over the past week. More specifically, the metric has gone from 57,000 to 73,000 inside this window, representing a notable increase of 28%.

Dogecoin has displayed stale price action since the crash at the start of February, with all deviations eventually collapsing back into the same consolidation range. As the below chart shows, the memecoin is currently trading around $0.0926, which is about where the memecoin has returned time and again during the phase of sideways movement.