Dogecoin (DOGE) New Daily Addresses See a 72% Jump In One Week, What's Driving The Surge?

Dogecoin has been caught in a whirlwind of adoption, especially when it comes to new investors. Crypto analyst Ali Martinez shared on Twitter that the meme coin has seen a major rise in the number of new daily addresses.

Dogecoin new daily addresses surged by 72% in the last week of September. This occurred as the meme coin prepared to say goodbye to the month and usher in October.

The daily new addresses on the Dogecoin network averaged around 11,500 at the beginning of the last week in September. However, by Monday, September 20, which was the last day of the month, the new addresses registered on the network in a single day suddenly jumped to 19,630. This corresponded to a 72.29% increase in the new daily address, coinciding with a rise in the Dogecoin price.

This surge in new daily addresses could be attributed to the bullishness that has gripped the market recently. The month of October, and the last quarter of the year, has generally been favorable for the Dogecoin price. As a result, there were expectations that DOGE would continue this trend and experience rapid growth this month.

However, things do not appear to be unfolding as anticipated as the Dogecoin price has already decreased by more than 5% to begin the new month. This may indicate that the meme coin’s price is defying market expectations and the anticipated rise may not occur.

According to the CryptoRank website, the DOGE price boasts an average return of 7.28% for the month of October. Despite this positive average, it is still one of the most bearish months compared to the likes of January with an average 91.5% return, April with an average of 68.2%, and December with an average of 26.4%.

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