Dogecoin Sees Record Growth: Active Addresses Surge 72% in Major Network Expansion

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As a seasoned researcher who has witnessed the rise and fall of numerous cryptocurrencies, I must say that the recent surge in active addresses on the Dogecoin blockchain is intriguing. With over 84,000 active addresses in just one day, it’s hard not to take notice of this meme-inspired coin.

As a crypto investor, I’ve noticed an exciting surge in activity with my Dogecoin ($DOGE) holdings. In the past six months, it has experienced its most significant increase in active user addresses, with a recent count of 84,306 addresses now actively engaging on its blockchain.

Based on information from on-chain analysis provider Santiment, as initially pointed out by well-known crypto analyst Ali Martinez, it appears that the Dogecoin network is undergoing substantial expansion.

According to Martinez’s report, there has been a significant surge – approximately 72% – in the number of new Dogecoin (DOGE) wallets created during the last week. Remarkably, more than 19,600 new DOGE addresses were added to the network just one day ago.

Just now, Dogecoin experienced its highest number of active Dogecoin wallets in the last half year, peaking at 84,306 active Dogecoin users!

— Ali (@ali_charts) October 2, 2024

In the past month’s closing days, significant investors (known as ‘Doge whales’) accumulated approximately 1.4 billion DOGE tokens within a span of 48 hours, boosting their holdings by roughly $140 million of the most valuable meme-based cryptocurrency by market cap, DOGE.

As an analyst, I’ve noticed a significant achievement with Dogecoin (DOGE) as the number of wallets holding it has now surpassed 90 million. It’s essential to clarify that one wallet doesn’t necessarily equate to one user. Users can create multiple DOGE wallets, and some wallets, such as those belonging to exchanges, may contain DOGE for numerous users.

Previously this year, Elon Musk, CEO of Tesla and Space X, expressed interest in the possible worth of Bitcoin and other digital currencies while confessing his affection for Dogecoin. “I tend to have a special fondness for Dogecoin because I appreciate dogs and memes,” he clarified.

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2024-10-04 07:42