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According to on-chain analytics firm Santiment, the number of non-empty Dogecoin wallets has increased by 13.8% over the past three months. This comes despite a recent flattening trend following an enormous rise earlier this year.
The increase in non-empty wallets indicates sustained Dogecoin user activity, highlighting the enduring appeal of the iconic cryptocurrency.
The rise in active wallets also indicates a sustained interest in the dog-themed cryptocurrency, even as the market experiences a phase of consolidation. This suggests that despite the lack of dramatic price action, the Dogecoin community remains active and may even be expanding.
The Dogecoin price rallied at the start of the year, partly fueled by a frenzy of retail investor interest, peaking at highs of $0.229 on March 28.
Consequently, Dogecoin declined to enter a period of consolidation, with its price flattening out and trading within a range. Despite this apparent stabilization, the Dogecoin community remains vibrant and engaged, as evidenced by the uptick in non-empty wallets.
The growth in non-empty wallets also follows ongoing developments and initiatives aimed at expanding Dogecoin's adoption.
Tomiwabold OlajideIn late March, the Dogecoin Foundation launched v.1.0 of GigaWallet, a backend service that provides a convenient integration API for platforms such as online shops, exchanges and social media platforms to programmatically transact Dogecoin.
The increase in non-empty wallets might be a positive sign for Dogecoin, as it implies that the community is not solely driven by speculative trading but also includes users who see value in holding DOGE long-term.
At the time of writing, DOGE was up 2.82% in the last 24 hours to $0.149, rebounding slightly after yesterday's drop to lows of $0.142. Dogecoin ranks as the eighth largest cryptocurrency, with a market cap of $21.49 billion.
Alex Dovbnya
Vladislav Sopov
Dan Burgin