TL;DR
- The Dogecoin market has seen a 72.29% increase in the creation of new wallets, with 19,630 new accounts in the last week, coinciding with the start of “Uptober.”
- Despite a recent decline of 3.95% in the price of DOGE due to geopolitical tensions, transaction volume has grown by 34%.
- Active addresses have increased by 37.23% in the last week, and large transactions (over $100,000) have risen by 52.1%.
The Dogecoin (DOGE) market has experienced a notable increase in its network activity with the beginning of October, a month referred to as “Uptober” due to its historical growth trend. The increase is evident in the creation of a significant number of new wallets and an uptick in active addresses, indicating strong interest in the well-known memecoin.
In the last week, approximately 19,630 new Dogecoin wallets were registered, representing a 72.29% growth compared to previous weeks. This surge coincided with a period of appreciation in the token’s value. Throughout September, network activity had maintained a steady pace, but the last week of the month saw a considerable jump in the number of new users.
The #Dogecoin network is experiencing significant growth! Over the past week, there's been a 72% increase in new $DOGE addresses, and just yesterday alone, 19,630 new #DOGE addresses were created! pic.twitter.com/5Tj8ZvcxUu
— Ali (@ali_charts) October 1, 2024
Dogecoin Grows but Suffers from Market Decline
However, with the recent overall collapse of the crypto market, caused by increased geopolitical tensions and military conflicts in the Middle East, Dogecoin (DOGE), like the vast majority of cryptocurrencies, faced a hard setback. On a daily basis, it registered a loss of 3.95%, which slightly declines to 3.77% on a weekly basis. Its current price is $0.1056 per unit; nevertheless, the transaction volume in 24 hours has grown by 34%.
On the other hand, the participation of active addresses has also experienced massive growth. The last week reported a 37.23% increase in the number of active addresses within the network. Large transactions, those exceeding $100,000, have also recorded an increase of 52.1%, with the number of daily operations rising from 189 to 355 in just a few days.
The increase in activity is not limited solely to small investors. Data shows that large Dogecoin users, those holding between 100 million and 1 billion DOGE, have increased their positions by 3.03% over the last month. Meanwhile, smaller investors holding between 1,000 and 10,000 DOGE have also increased their assets, albeit to a lesser extent, by 0.32%.
