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.

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%.