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Dogecoin experiences a remarkable surge, with its price skyrocketing by 13% in response to an unprecedented rise in network activity. On-chain analytics reveal a staggering influx of 28,000 new addresses, signaling renewed interest and engagement within the Dogecoin community.
Network Activity Surge
On-chain data analytics firm IntoTheBlock reported that Dogecoin recently saw a surprising rise in network activity, acquiring 28,000 new addresses daily. Dogecoin's price has soared due to increased network activity, rising 13% in just 24 hours, as per U.Today.
In a tweet, IntoTheBlock stated that Dogecoin activity was skyrocketing, with the number of new Dogecoin addresses increasing dramatically this week. It stated that 28,000 addresses were established on May 2 alone, a 102% rise over the monthly low set on Monday.
On-chain data also shows an increase in Dogecoin's non-empty addresses. Santiment, an on-chain analytics business, reported a 27% rise in Dogecoin non-empty wallets over the last six months, with 6.6 million.
This increase in non-empty wallets may suggest renewed interest and engagement in the Dogecoin community.
Price Surge Highlights
Due to increased demand and positive sentiment towards the cryptocurrency, Dogecoin's price has surged by 13% in the last 24 hours. This price increase highlights how network growth affects the value of Dogecoin, as higher adoption is typically associated with upward price momentum.
The Dogecoin price surge corresponds with the wider crypto market's recovery following the revelation of weaker-than-expected job data. Cryptocurrencies rallied on Friday, led by Bitcoin's (BTC) increase, bolstering hopes that the worst collapse has ended.
The US economy added 175,000 jobs in April, falling short of experts' estimates of 245,000 and the previous month's 315,000 growth. The latest Nonfarm Payrolls statistics also showed that the unemployment rate rose to 3.9% from 3.8% in March.
As a result, Dogecoin rose sharply, extending its recovery from its lows of $0.1198 on May 1. At the time of writing, Dogecoin was up 13% in the last 24 hours to $0.15. If today closes in the green, Dogecoin will record its third consecutive day of gains.
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