- The count of new addresses created to trade DOGE has increased by 31% in the last week.
- However, its price has since consolidated within a tight range
- With a negative CMF value, its spot market currently sees a low flow of liquidity.
Leading meme coin Dogecoin [DOGE] has witnessed a surge in demand in the last week. In a post on X (formerly Twitter), crypto analyst Ali Martinez noted that the coin has seen a surge in network activity, with the creation of new addresses reaching record highs.
#Dogecoin is experiencing a notable network expansion! There's a steady rise in the creation of new $DOGE addresses, consistently reaching new highs.This increase in network activity is a promising sign for #DOGE as it lays the groundwork for a potential upward price action. pic.twitter.com/WcWxRY6ZGU
— Ali (@ali_charts) December 23, 2023
In the last seven days, the dog-themed coin recorded a 31% growth in the daily count of new addresses created to trade it.
When an asset records an uptick in the creation of new addresses, it means that there is high demand for it by new market participants. It is often followed by a rally in the asset’s value.
Predicting t…
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