Active Dogecoin Wallets Hit 9.5 Million: A Step Toward Mainstream Use?

• Dogecoin’s active addresses reached a new all-time high of 9.52 million.
• Despite increased network activity, DOGE’s trading volume has dropped.
• Technical indicators suggest that DOGE may face difficulty rising toward $1 and could decline to $0.42.

Dogecoin (DOGE) has seen a surge in network activity, with active addresses hitting an all-time high. Over the last 30 days, DOGE’s price increased by 107%, prompting speculation about its potential to reach the elusive $1 mark.

While the possibility exists, on-chain metrics suggest that achieving this milestone might take longer than anticipated.

Dogecoin Active Wallets Reach Record High

According to data from Santiment, the number of active addresses on the Dogecoin network was under 1 million on October 31. As of now, this figure has skyrocketed, reaching a record-breaking 9.52 million active addresses.

Active address counts are an important metric for assessing user engagement and blockchain activity. A rise in active addresses indicates a growing number of users interacting with the network, which is often a sign of increasing adoption and interest in the cryptocurrency. Conversely, a drop in acti…

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