Recently, the cryptocurrency Dogecoin (DOGE) has seen a significant increase in new addresses, with a noteworthy rise of over 35% in the past week. This uptick in new addresses could signal potential growth in liquidity and trading activities, which may also contribute to an increase in Dogecoin’s value.
Data from Santiment shows that the seven-day active address metric for Dogecoin has reached approximately 1.3 million, indicating a consistent upward trend. After December 9, there was a remarkable increase of 450,000 addresses, surpassing the previous peak of around 944,000 on December 1.
Despite a slight decline from the peak, the number of daily active addresses has recently risen to around 166,000. This is still well above the count of 45,000 from the previous month, suggesting increased activity and participation in the Dogecoin network, which could contribute to its growth.
Santiment’s charts also reveal a continuous increase in the total number of Dogecoin holders. Since November, there has been an addition of more than 400,000 investors, bringing the total count to 5.7 million. If the trend continues, the number of investors could surpass 6 million before year-end.
In contrast to the positive on-chain metrics, Dogecoin’s price movement has not been as promising, with only a marginal increase of less than 1% at the time of writing, bringing the price to $0.9392. For those trading in DOGE/TRY, the price stands at 2.74 TL.
Moreover, the Relative Strength Index (RSI) is hovering just above the neutral line at 52.80, indicating that the price direction is still uncertain. This suggests that investors are closely monitoring the market for any significant changes in Dogecoin’s price trajectory.