Dogecoin (DOGE) is seeing a resurgence in its popularity, with its on-chain activity spurring up with activity after a period of relative lull.
The number of addresses holding Dogecoin (DOGE) surpassed five million on November 27th, marking a significant milestone. According to data from on-chain analytics firm IntoTheBlock, this surge in adoption is accompanied by a notable increase in user activity on the Dogecoin network.
- The number of active addresses has more than doubled, reaching 168,000, the highest since March 2022.
- The total number of addresses with a balance has also reached a new peak at 5.11 million this week, as per IntoTheBlock’s latest update.
- Additionally, confirmed transactions on the Dogecoin blockchain have spiked, experiencing a remarkable 1,000% increase in the past 10 days, hitting the highest level since June.
- Dogecoin has experienced a slowdown in its price after declining by more than 10% from $0.086 to the press time price of $0.077 in a span of 10 days.
- However, the rise in on-chain activity reflected a growing interest in the popular meme coin from institutional investors and large holders, hinting at a potential surge in value in the coming days.
- As reported by CryptoPotato, a considerable amount of previously dormant Dogecoin stored in older wallets has been transferred recently, indicating a potential shift in the asset’s price trajectory.
- However, amidst the positive trend, a concern arises as 4.8 million wallets, holding 1.5% of the total Dogecoin supply, exert control over the cryptocurrency’s price.
- IntoTheBlock suggests that this surge in activity is likely driven by Dogecoin “Doginals,” which do not require a significant on-chain balance of DOGE.