• Active addresses have spiked more in October than in other months.
• Price has continued to trend above key areas.

Dogecoin [DOGE] has been drawing attention lately due to a surge in both price and network activity. With increased active addresses and notable net inflows, analysts are closely monitoring DOGE’s potential for sustained upward momentum.

Dogecoin address activity drives price momentum

A significant uptick in active address activity has fueled Dogecoin’s recent price rise. Data from IntoTheBlock shows a strong increase in active addresses, closely tracking the coin’s price trend. 

An increase in active addresses typically indicates growing interest and transaction activity on the Dogecoin network, suggesting a broader participation base among holders and traders.

This surge in address activity aligns with DOGE’s price movement, creating a network effect where heightened on-chain activity builds market confidence and boosts price stability.

This trend underscores a robust support level as more users actively engage with Dogecoin. The correlation between active address growth and price movement implies that increased network usage is contributing to DOGE’s current rally, reflecting a healthy demand for the asset.

Dogecoin’s rising net inflows and large-holder interest

Another important factor in Dogecoin’s positive outlook is the increased net inflows of DOGE tokens on exchanges. Over recent months, net inflows have risen sharply, indicating a higher volume of DOGE deposits on e

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Author: Adewale Olarinde