Dogecoin Soars 28% in Active Addresses: Are Bulls Active?

Dogecoin has been trading negatively today, but its network activity has surged notably over the past week amid increased participation from investors.

While the surge in network activity has come at a time when the market continues to show mixed price actions, the metric signals renewed interest in the largest meme token by market capitalization, sparking discussions across the crypto market.

Dogecoin active addresses hit 73,000

On Tuesday, March 31, popular crypto analyst Ali Martinez shared data from Santiment, revealing that active addresses on Dogecoin have surged from around 57,000 to 73,000 within a week.

According to the analyst, the surge marks a notable 28% increase in Dogecoin’s active addresses over the last seven days.

With this surge in Dogecoin network activity, it appears that a growing number of users are actively using the blockchain, either by sending, receiving or trading $DOGE tokens.

While the surge in network activity could be bullish for Dogecoin, it is not entirely a key indicator for a potential price rally, as it could also have been triggered by a surge of activities from bearish traders.

As such, market analysts believe that growth in network activity like this can sometimes precede increased volatility, or possibly price growth.

Dogecoin drops 2%

Despite the surge in Dogecoin network activity, the trend has yet to impact the asset’s trading price, as data from CoinMarketCap shows Dogecoin trading in the red zone.

Amid a broad crypto market downturn, Dogecoin has also pulled off weak price moves over the last day, with its price trading at $0.09126 as of writing time.

The data revealed that its current price level marks a decent decline of 1.64% over the last 24 hours.