Dogecoin has been caught in a whirlwind of adoption, especially when it comes to new investors. Cryptographic analyst Ali Martínez shared in X that the meme coin has seen a significant increase in the number of new daily addresses. In the space of a week, new addresses were registered in the Dogecoin Network newspaper experienced an increase of 72%. This suggests increased adoption which could mean an influx of new money into the meme coin from here.
A jump of 72% in one week
As the cryptocurrency market ushered in the new month of October, the Dogecoin Network On average, around 11,500 new addresses were registered per day, which corresponds to the figures from the previous week. However, as the month of September ended, there was a significant jump in online activity.
On Monday, September 20, which was the last day of the month, new addresses registered on the network in a single day suddenly jumped to 19,630. This corresponded to a 72.29% increase in daily new address, coinciding with an increase in the price of Dogecoin.
New daily addresses aren’t the only metric that saw a jump, as Dogecoin daily active addresses also joined the action. According to data from the chain aggregator, on the blockDaily active addresses rose to 58,180 from the low of 43,860 recorded last week. This translated to a 37.23% increase in active addresses in a 7-day period.
However, there was a significant increase in the number of non-zero Dogecoin addresses, which could be bearish. Non-zero addresses refer to the number of addresses that no longer contain DOGE tokens. Therefore, this could mean that they have sold all their coins or consolidated them into other wallets. However, there was a 46.25% increase in the number of non-zero addresses in the 7-day period.
What is driving the rise of Dogecoin?
The increase in Dogecoin metrics could be explained by the optimism that has enveloped the market recently. The month of October and the last quarter of the year have generally been good for the price of Dogecoin. Therefore, DOGE is expected to continue this trend and see rapid growth this month.
However, things do not seem to be going according to plan, as the price of Dogecoin has already fallen by more than 5% at the start of the new month. This could suggest that the The price of the meme coin is going against the market. expectations and the increase may not materialize.
According to CryptoRank websiteThe DOGE price has an average return of 7.28% for the month of October. Despite this positive average, it is still one of the most bearish months compared to January with an average return of 91.5%, April with an average of 68.2% and December with an average of 26.4%.
Featured image created with Dall.E, chart from Tradingview.com
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