Over the last three months, there has been a 13.8% growth in the quantity of non-empty Dogecoin wallets, according to on-chain analytics company Santiment. This is in spite of a sharp decline earlier in the year that was followed by a levelling trend.
The rise in non-empty wallets is a sign of ongoing Dogecoin user activity and shows how popular the well-known cryptocurrency remains.
The increase in active wallets suggests that, despite the market’s current consolidation period, there is ongoing interest in the cryptocurrency with a dog motif. This implies that the Dogecoin community is still active and could possibly be growing in spite of the absence of significant price movement.
A rush of interest from individual investors contributed to the Dogecoin price surge at the beginning of the year, which peaked on March 28 at $0.229 per unit.
As a result, Dogecoin’s price flattened down and moved inside a range, declining to enter a phase of consolidation. The increase in non-empty wallets shows that the Dogecoin community is still active and robust despite this apparent stabilisation.
The increase in non-empty wallets coincides with continuing efforts and improvements to increase the acceptance of Dogecoin.
GigaWallet, a backend service that offers an easy-to-integrate API for platforms like online stores, exchanges, and social networking platforms to programmatically trade Dogecoin, was released by the Dogecoin Foundation in late March.
The fact that more people are adding non-empty wallets to their collection suggests that Dogecoin’s user base is made up of people who value retaining the cryptocurrency over the long run in addition to speculative traders.
As of this writing, DOGE has increased by 2.82% over the previous 24 hours to $0.149, modestly recovering from yesterday’s decline to lows of $0.142. Dogecoin has a market capitalization of $21.49 billion, making it the seventh biggest cryptocurrency.
