The number of Dogecoin wallet addresses that have a balance that is not 0 increased to 5.11 million.
A optimistic view is supported by the fact that the number of active addresses and volume of DOGE surged along with price rises.
As the number of transactions and activity in Dogecoin continues to increase, it is anticipated that the price of DOGE will start their comeback.
Wallet addresses that have a balance that is not 0 have seen a significant increase, according to Dogecoin. In line with the general trend of increased demand among market players for DOGE, this growth has occurred. For Dogecoin, the on-chain metrics provide a bright picture of the future.
A significant increase in the number of new wallet addresses for Dogecoin
The recent price spike in DOGE, which drove the Shiba-Inu-themed meme currency to its local top of $0.087 on November 17, was followed by a large increase in the number of wallet addresses that did not have a balance of zero. The number of wallets that contain Dogecoin and do not have a zero balance has increased to 5.11 million, as reported by the cryptocurrency intelligence tracker IntoTheBlock.
This is a significant achievement, since the number of DOGE wallets that contain a balance has reached an all-time high.
The rapid increase of wallet addresses lends credence to the bullish thesis on the recovery of DOGE. Nevertheless, in order to lend more credibility to the signal, this should ideally be followed by an increase in volume levels. When compared to the real volume of the meme currency, the data from Santiment reveals that there has been an increase in the number of active addresses.
The graphic that follows demonstrates that Volume is falling behind, despite the fact that the meme coin has made a comeback. Despite this, there has been a significant rise in the number of doge addresses that are active for twenty-four hours. It is possible that this increase in Active Addresses is a precursor to an increase in DOGE volume, which might still be the driving force for a rebound in the meme coin.
As of the time this article was written, the price of DOGE on Binance was $0.077. The meme currency that has the highest market capitalization has had a 12% increase in value over the previous thirty days, but it has not altered at all during the past week. Holders of DOGE saw losses of approximately 2% throughout the course of the day.
