Dogecoin Network Heats up as Active Addresses Surge 400%

Dogecoin (DOGE), the dog-themed cryptocurrency, is making headlines as its network activity has increased. According to Santiment data provided by crypto analyst Ali, active addresses on the Dogecoin network have increased by 400% to reach nearly 395,000.

In an analysis published by Santiment on March 14, the network analytics platform noted that while cryptocurrencies remain subdued, certain altcoins are seeing a surge in network and social activity. Ideally, during a market-wide price drop, it is common to see a sharp increase in whale transactions (indicating accumulation) or network growth (indicating an imminent increase in transactions on the network). However, this may not be entirely true.

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The market has seen sluggish prices in recent weeks; it is therefore not surprising that speculative assets in particular are experiencing the coldest (least network activity) days of the year at this time. In contrast, Dogecoin has seen a surge in on-chain activity, with Santiment calling it a “top address activity surge” during a market downturn. The increase in active addresses indicates a significant rise in user activity and engagement in the Dogecoin ecosystem, which remains a positive indicator over the long term.