Recently, a significant number of new addresses have emerged for Dogecoin (DOGE), and their numbers are steadily increasing. Over the past seven days, there has been a noteworthy increase of over 35% in the number of new addresses. Such developments are attracting more attention as they may indicate a potential increase in liquidity and trading activities, which could also contribute to the rise in Dogecoin’s value.
Current Status of Dogecoin Addresses
The increase in the number of new addresses and the impressive growth in active cryptocurrency addresses can be interpreted as a positive development for Dogecoin.
According to an analysis based on the seven-day active address metric provided by Santiment, the current number has reached approximately 1.3 million, signaling a consistent increase. After December 9, everything accelerated with an increase of 450,000. This is a significant rise compared to the previous peak of around 944,000 on December 1.
On the other hand, despite a slight decline from the mentioned peak, the number of daily active addresses has recently reached around 166,000, hosting a rise.
What’s more striking is that the figure has remained above the previous month’s level of around 45,000. These trends in altcoins demonstrate an increase in activities and participation in the Dogecoin network, which could also contribute to the network’s growth.
Increasing Dogecoin Investors
Santiment’s charts reveal a continuously increasing total number of Dogecoin holders. Since November, there has been an increase of more than 400,000 investors.
As of the time of writing, the number of Dogecoin investors was calculated to be 5.7 million. If the increase continues as seen in the charts, the number of investors could exceed 6 million before the end of the year.
Current DOGE Price Situation
Dogecoin’s price movement is not keeping up with the positive trends observed in on-chain metrics and may not be meeting expectations. A closer look at the graph below reveals that there have been significant price fluctuations over the past seven days.
As of the time of writing, DOGE experienced a disappointing rise of less than 1%, with the price at $0.9392. For those trading in the DOGE/TRY pair, the price is at 2.74 TL.
Furthermore, investors are closely monitoring the Relative Strength Index (RSI) line, which is just above the neutral level at 52.80, suggesting that the price direction is still undecided.
