This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Dogecoin, the popular meme coin, is experiencing a resurgence in popularity. After a period of relative inactivity, its on-chain activity has seen a significant increase. The number of addresses holding Dogecoin has surpassed five million, a milestone for the cryptocurrency. This surge in adoption is accompanied by a notable increase in user activity on the Dogecoin network. The number of active addresses has more than doubled, reaching the highest level since March 2022. Additionally, confirmed transactions on the Dogecoin blockchain have spiked, experiencing a remarkable 1,000% increase in the past 10 days. Despite a recent decline in price, the rise in on-chain activity suggests growing interest from institutional investors and large holders, hinting at a potential surge in value in the coming days. However, there is a concern that a small number of wallets exert control over the cryptocurrency’s price. This surge in activity is likely driven by Dogecoin “Doginals,” which do not require a significant on-chain balance of DOGE.