More than 5 million addresses now hold DOGE

After a relative lull in on-chain activity, Dogecoin (DOGE) is making a resurgence in popularity thanks to its momentum.

On November 27, the number of addresses holding Dogecoin (DOGE) exceeded five million, indicating a significant milestone. According to data from on-chain analytics firm IntoTheBlock, this increase in adoption is accompanied by a significant increase in user activity on the Dogecoin network.

The number of active addresses more than doubled to 168,000, the highest since March 2022. The total number of addresses also reached a new high of 5.11 million this week, according to IntoTheBlock's latest update. Additionally, verified transactions on the Dogecoin blockchain have surged, with an impressive 1,000% increase in the past 10 days, the highest level since June. Dogecoin has experienced a slowdown in price after falling more than 10% in 10 days from $0.086 to $0.077 at press time. However, the increased activity on the chain shows interest from institutional investors and large investors in the popular meme coin, hinting that the price may increase in the coming days. As reported by CryptoPotato, a large amount of previously dormant Dogecoin stored in old wallets was recently transferred, indicating a possible change in the price direction of the asset. However, in the midst of a positive trend, a concern arises when 4.8 million wallets, holding 1.5% of the total supply of Dogecoin, control the price of the cryptocurrency. IntoTheBlock suggests that this surge in activity is likely driven by Dogecoin “Doginals,” which do not require DOGE balance on the chain.