According to on-chain data analysis IntoTheBlock, Dogecoin recently saw a notable increase in network activity, adding a staggering 28,000 new addresses in a single day. Along with the increase in network activity, the price of Dogecoin has skyrocketed, jumping 13% in 24 hours.
According to on-chain data analysis IntoTheBlock, Dogecoin recently saw a notable increase in network activity, adding a staggering 28,000 new addresses in a single day. Along with the increase in network activity, the price of Dogecoin has skyrocketed, jumping 13% in 24 hours.
In a tweet, In the block reported that Dogecoin activity was increasing and the number of new Dogecoin addresses increased sharply this week. He said 28,000 addresses were created on May 2 alone, a 102% increase from the monthly low set on Monday.
The on-chain data also highlights the growth of non-empty addresses for Dogecoin. Santiment, an on-chain analytics startup, revealed a 27% increase in non-empty Dogecoin wallets over the past six months, totaling 6.6 million wallets.
This increase in non-empty wallets could indicate renewed interest and engagement in the Dogecoin community.
The price of Dogecoin has increased by 13% in the previous 24 hours as a result of growing demand and favorable sentiment towards the cryptocurrency. This price increase demonstrates the impact of network growth on the value of Dogecoin, as increased adoption often correlates with bullish price momentum.
The rise in Dogecoin price coincides with the overall crypto market recovery following the release of weaker-than-expected jobs data. Cryptocurrencies rallied on Friday, led by the rise of Bitcoin (BTC), raising expectations that the worst of the decline may be over.
The U.S. economy added 175,000 jobs in April, below the experts’ estimate of 245,000 and an increase of 315,000 the previous month. The latest nonfarm payrolls data also showed that the unemployment rate rose to 3.9% from 3.8% in March.
Consequently, Dogecoin recorded a sharp rise, extending its recovery from its May 1 lows of $0.1198. At the time of writing, Dogecoin was still holding gains, up 13% in the last 24 hours to $0.15. If today closes in green, Dogecoin will mark its third consecutive day of gains.
