Dogecoin has been caught in a whirlwind of adoption, especially when it comes to new investors. Crypto analyst Ali Martinez shared on X that the meme coin has seen a big increase in the number of new daily addresses. New addresses will be registered on the website within a week Dogecoin Network saw a 72% jump daily. This suggests greater adoption that could mean an influx of new money into the meme coin from here.
A jump of 72% in one week
As the crypto market ushered in the new month of October, the Dogecoin Network had an average of around 11,500 new addresses every day, which matched the figures of the previous week. However, as the month of September came to a close, there was a big jump in activity on the network.
On Monday, September 20, the last day of the month, the number of new addresses registered on the network in one day suddenly rose to 19,630. This corresponded to a 72.29% increase in the new day address, which coincided with an increase in the Dogecoin price.
Daily new addresses aren’t the only metric that jumped, as Dogecoin’s daily active addresses also got in on the action. According to data from the on-chain aggregator: InTheBlokdaily active addresses rose to 58,180, up from the low of 43,860 recorded last week. This translated into a 37.23% increase in the number of active addresses in a seven-day period.
However, there was a significant increase in the number of Dogecoin non-zero addresses, which could be bearish. Non-zero addresses refer to the number of addresses that no longer contain DOGE tokens. Therefore, this could mean that they have sold all their coins or consolidated them in other portfolios. Nevertheless, there was a 46.25% increase in the number of non-zero addresses over the seven-day period.
What’s Driving the Wave for Dogecoin?
The rise in Dogecoin statistics can be explained by the bullishness that has swept the market recently. The month of October and the last quarter of the year were generally good for the Dogecoin price. Thus, DOGE is expected to continue this trend and see rapid growth this month.
However, things don’t seem to be going as planned as the price of Dogecoin has already fallen by more than 5% to start the new month. This could indicate that the The price of the meme coin is going against the market expectation and the increase may not materialize.
According to the CryptoRank websiteDOGE price has an average return of 7.28% for the month of October. Despite this positive average, this is still the case one of the most bearish months compared to January with an average return of 91.5%, April with an average of 68.2% and December with an average of 26.4%.
Featured image created with Dall.E, chart from Tradingview.com