Active Dogecoin Addresses Soar 22.3% in 7 Days, New Addresses Surging 53.28%

The past six weeks have witnessed a remarkable recovery in Dogecoin (DOGE) prices, surging by 40% and leading to more than half of DOGE addresses returning to profitability. Recent data indicates that active DOGE addresses have increased by approximately 22.3% over the past seven days, with new addresses experiencing a substantial rise of about 53.28%.

Amidst this surge in profitability and activity, the overall number of DOGE addresses holding any amount of cryptocurrency has also increased, showing a notable uptick of 17.47%.

Source: IntoTheBlock

The sentiment surrounding Dogecoin on the popular messaging platform Telegram remains predominantly positive, with 469 positive messages compared to 74 negative ones. However, it is worth noting that the number of members in the Dogecoin Telegram group has been gradually declining.

Despite the declining Telegram membership, the total number of DOGE addresses continues to trend upwards, with an average of approximately 4.71 million DOGE addresses active over the last 30 days.

The distribution of Dogecoin ownership is quite encouraging, with small investors holding more than one-third of the token’s supply, while about 20% of the token’s supply is concentrated in the hands of 68 large investors.

Large investors, represented by addresses holding between 0.1% to 1% of Dogecoin’s supply, account for about 45% of the total token’s supply and control slightly over ten addresses.

On the other hand, the so-called “whales” hold over 1% of the token’s supply, constituting around 45% of the total Dogecoin supply.

As of now, nearly 55% of the Dogecoin addresses are sitting in a profitable position. Around 36% of the addresses would face losses if they were to sell their Dogecoin tokens at the current market price, while approximately 9.4% of the addresses are currently at break-even points.

The recent price recovery in Dogecoin, coupled with the increased number of profitable addresses, is likely to fuel further interest and trading activity around the meme-based cryptocurrency. While the Telegram group may be experiencing a decline in membership, the overall positive sentiment and growing adoption of DOGE indicate that investors and enthusiasts remain engaged with the digital asset.

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