- The number of active Dogecoin addresses has risen to 133,880, the highest in eight months, demonstrating growing engagement.
- The accumulation of 2.07 billion DOGEs by whales last week was the highest since January 2024, reflecting growing interest in the network.
With the highest number of active addresses (133,880), Dogecoin has just seen the highest level of activity on the network in eight months. For many investors, this rise represents a positive indicator of increased interaction with the coin.
Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months! pic.twitter.com/DojEsDscXk
— Ali (@ali_charts) October 12, 2024
The unexpected increase in the number of active addresses indicates that more operators are using Dogecoin, paving the way for further price fluctuations. Although activity has increased, the Dogecoin price has remained relatively constant, clustering throughout previous weeks in a limited range between $0.101 and $0.115.
The market is cautiously waiting for DOGE to break through key resistance
Usually linked to higher transaction volumes, the continued increase in network activity has led to conjecture that Dogecoin could be about to spike. Yet the market remains cautious. Investors are eagerly awaiting a clear rise above the crucial resistance level of $0.116.
Should Dogecoin break above this level, it could trigger a stronger uptrend. But if it fails to do so, support levels near $0.098 or perhaps as low as $0.088 could trigger a more severe pullback.
Although Dogecoin’s price behavior has been very limited, the increase in the number of active addresses could indicate that momentum is building.
This trend underlines Dogecoin’s continuing appeal, given recent evidence of booming short-term trading activity in the mimetic currency market. In terms of trading participation, Dogecoin remains at the top of memes coins, well ahead of other available tokens.
In addition to the increase in the number of active addresses, there have been other notable changes. As we pointed out earlier, whale investors accumulated 2.07 billion DOGE at the beginning of the month, the highest amount since January 2024.
This intensive buying behavior shows the growing interest of important holders and gives hope for the extension of the coin series. In addition, the number of fresh Dogecoin addresses rose by 72%, reflecting the token’s growing popularity in recent weeks.
Meanwhile, DOGE is trading at around $0.1126 at the time of writing, up 1.22% in the last 24 hours. Daily trading volume stands at approximately $664.42 million.
