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Dogecoin (DOGE) Non-Empty Wallets Skyrocket by 13.8% in Months

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Sun, 28/04/2024 - 14:19
Dogecoin (DOGE) Non-Empty Wallets Skyrocket by 13.8% in Months
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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.

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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.

Santiment
Top Cap Asset Non-Empty Wallet, Courtesy: Santiment

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.

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In 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.

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