Dogecoin Surges in Network Activity as “Uptober” Begins

As "Uptober" begins to unfold, interest in Dogecoin is on the rise, evidenced by notable increases in network activity.

Recent analysis by a popular crypto analyst highlights a dramatic uptick, with around 19,630 new Dogecoin wallets created last week, marking a 72.29% rise. This surge in wallet creation aligns with a price increase for Dogecoin, hinting at a possible turning point for the token.

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

The growth in new addresses indicates a heightened enthusiasm for Dogecoin. While activity was consistent from mid-August to early September, a significant jump occurred in the final week of September.

Furthermore, the number of active addresses has also grown, with a 37.23% rise in participation noted last week. IntoTheBlock reported a 52.1% increase in large transactions, with daily transactions exceeding $100,000 rising from 189 to 355.

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This expanding interest spans all holder categories. Larger investors, particularly those holding between 100 million and 1 billion DOGE, saw a 3.03% increase in holdings over the last month. Meanwhile, smaller investors with between 1,000 and 10,000 DOGE experienced a slight gain of 0.32%.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.