Dogecoin Non-Zero Addresses Surpass 5,000,000

Dogecoin (DOGE) achieves significant milestones pertaining to addresses with a non-zero balance and the number of daily active addresses.

According to data shared by crypto analytic platform IntoTheBlock (ITB), the number of Dogecoin addresses with a balance has surged to a massive 5 million.

For context, “address with a balance” refers to the unique number of addresses that hold at least a unit of a particular crypto asset. In this case, addresses holding at least a unit of DOGE have hit a milestone of 5M. IntoTheBlock shared the development in a post yesterday.

Amazing Milestone for @dogecoin !
There are now more than 5 million Dogecoin addresses with a balance! pic.twitter.com/e0tseuetgd

— IntoTheBlock (@intotheblock) November 27, 2023

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Dogecoin Daily Active Addresses Spike

Interestingly, the massive spike in the number of non-zero Dogecoin addresses coincides with a tremendous surge in user activity.

As of yesterday, IntoTheBlock observed 168,000 daily active Dogecoin addresses. Per the crypto analytic platform, the figure marks the most significant engagement for the cryptocurrency since March 2022.

4.8M Addresses Hold 1.5% of DOGE Supply

Meanwhile, a DOGE fan challenged the authenticity of ITB’s data by stating that a whopping 4.8M addresses hold 1.5% of DOGE’s circulating supply.

According to CoinGecko data, Dogecoin’s circulating supply currently stands at 142,012,886,383 (142.01 billion). Reacting, ITB attributed the recent activity to a spike in Doginals – fragments of DOGE on the Dogecoin network.

The crypto analytical platform emphasized that Doginals do not require a massive on-chain balance of DOGE to impact the data referenced by the Dogecoin enthusiast.

That’s true. However, this recent activity is most likely driven by Dogecoin “Doginals”, which don’t require a significant on-chain balance of $DOGE. While that doesn’t drastically impact the data you shared, it is likely significant

— IntoTheBlock (@intotheblock) November 27, 2023

Dogecoin Achieves Jaw-Dropping Feats

Recently, Dogecoin has been in the news for the right reasons, leaving investors stunned. Last week, The Crypto Basic reported that large transactions of $100K and above reached a new high of 1,500.

Before the development, addresses holding 1M+ DOGE also recorded a significant increase, reaching 4,715 at the time.

In the hours leading to press time, DOGE was changing hands at $0.07, down 3.5% over the past 24 hours. The canine-themed token currently ranks as the 10th largest cryptocurrency, with a market capitalization of $10.95 billion.

Although DOGE is down 89.45% from its ATH, there are growing speculations that the asset could surge to $1.5 in the upcoming bull run. However, this remains uncertain.