Dogecoin has been making headlines lately, with a lot of buzz around new investors jumping on board.
A Big Jump in New Users
The number of new Dogecoin addresses – basically, new accounts – has exploded. In just one week, there was a whopping 72% increase! This suggests a lot of new people are buying Dogecoin, which could mean more money flowing into the meme coin.
More Activity, But Some Selling Too
It’s not just new users; the number of active Dogecoin addresses also went up by a significant 37%. This means more people are using their Dogecoin, which is a good sign.
However, there’s a bit of a downer: the number of “non-zero” addresses also increased. This means some people are selling their Dogecoin, which could be a sign of bearish sentiment.
Is the Hype Over?
The recent surge in Dogecoin metrics might be related to the general optimism in the crypto market. October is usually a good month for Dogecoin, and many people expected it to continue its upward trend.
But things haven’t gone exactly as planned. Dogecoin has actually fallen in price since the start of October, which might mean the hype is starting to fade.
Overall, while the increase in new users is exciting, it’s important to remember that the market can be unpredictable. It’s too early to say whether this is a long-term trend or just a temporary spike.
