On-chain data suggests the Dogecoin adoption has been picking up recently as a large number of new addresses are popping up on the network.
Dogecoin Is Observing A High Number Of Daily New Addresses Currently
In a new post on X, analyst Ali talked about how the Dogecoin network activity has been looking like recently in terms of new address creation. A “new address” is one that has taken part in some kind of transaction activity for the first time.
Some of the new addresses that pop up on the network every day belong to the existing users, who may be creating additional addresses for privacy purposes or simply moving to a different wallet.
The rest of the new addresses, though, are being created by fresh investors entering into the market, so the daily total value of the new addresses can provide hints about how the adoption of the meme coin is coming along.
The below chart shows the trend in this metric for Dogecoin over the last couple of months:
As displayed in the above graph,
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