According to on-chain data analytics IntoTheBlock, Dogecoin recently experienced a remarkable surge in network activity, adding a staggering 28,000 new addresses in a single day. Along with the increased network activity, Dogecoin's price has skyrocketed, jumping by 13% within 24 hours.
In a tweet, IntoTheBlock reported that Dogecoin activity was spiking with the number of new Dogecoin addresses increasing sharply this week. It said that 28,000 addresses were created on May 2 alone, a 102% increase from the monthly low set on Monday.
On-chain data also highlights the growth in non-empty addresses for Dogecoin. Santiment, an on-chain analytics startup, revealed a 27% increase in Dogecoin non-empty wallets over the last six months, totaling 6.6 million wallets.
This spike in non-empty wallets could indicate renewed interest and engagement in the Dogecoin community.
Dogecoin's price has risen by 13% in the previous 24 hours as a result of increasing demand and favorable sentiment towards the cryptocurrency. This price surge demonstrates the impact of network growth on the value of Dogecoin, as increased adoption is frequently correlated with upward price momentum.
The Dogecoin price increase coincides with the general crypto market comeback following the release of weaker-than-expected job data. Cryptocurrencies rebounded on Friday, headed by Bitcoin's (BTC) rise, raising expectations that the worst of the fall may be over.
The U.S. economy added 175,000 jobs in April, falling short of the expert estimate of 245,000 and the previous month's 315,000 increase. The latest Nonfarm Payrolls data also showed that the jobless rate increased to 3.9% from 3.8% in March.
Dogecoin posted a sharp rise consequently, extending its recovery from its May 1 lows of $0.1198. At the time of writing, Dogecoin still sustained gains, up 13% in the last 24 hours to $0.15. If today closes in the green, Dogecoin will mark its third consecutive day of gains.