- Dogecoin’s active addresses surged to 133,880, the highest in eight months, signaling growing engagement.
- Whale accumulation of 2.07 billion DOGE last week marks the highest since January 2024, reflecting rising network interest.
With the biggest number of active addresses—133,880—Dogecoin has just seen a spike in network activity in eight months. For many investors, this rise represents a positive indicator of increased interaction with the coin.
Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months! pic.twitter.com/DojEsDscXk
— Ali (@ali_charts) October 12, 2024
The unexpected increase in active addresses points to more traders using Dogecoin, therefore establishing the foundation for further price fluctuations. Though activity has increased, the DOGE price has stayed somewhat constant, grouping throughout the previous few weeks into a limited range between $0.101 and $0.115.
Market Cautiously Awaits DOGE Breakout Above Key Resistance
Usually connected with higher transaction volume, the continuous rise in network activity has led to the conjecture that Dogecoin might be about to surge. Still, the market is still wary. Investors are eagerly observing for a clear rise over the $0.116 crucial resistance level.
Should Dogecoin outperform this level, it could set off a more robust bullish trend, but should it fall short, support levels near $0.098 or perhaps as low as $0.088 might cause a more severe downturn.
Although the price behavior of Dogecoin has been very restrained, the increase in active addresses could point to a momentum building up.
This trend points to Dogecoin’s ongoing appeal given recent accounts of short-term trader activity booming in the meme coins market. In terms of trading involvement, it continues to be the top among meme coins, much above other tokens available.
Apart from the increase in active addresses, there have also been other noteworthy changes. As we previously highlighted, whale investors have accumulated 2.07 billion DOGE in this early month, the greatest amount since January 2024.
This extensive buying behavior shows the increasing interest among important holders and gives hope for the extended run of coins. Moreover, the design of fresh Dogecoin addresses has surged by 72%, mirroring the token’s growing popularity in the past few weeks.
Meanwhile, DOGE is trading about $0.1126 at the time of writing, it has increased 1.22% over the last 24 hours. The daily transaction volume comes at about $664.42 million.